tax breaks

Farmers’ tax liability to rise as tax breaks expire in 2025

Farmers would face an increased federal tax liability of billions of dollars following the expiration of Trump-era tax breaks in 2025, said USDA economists. The biggest impact, estimated at a combined $4.5 billion, would come from reduced income tax rates on individuals, an increased standard deduction, a cap on the deduction for state and local taxes, and the elimination of the personal exemption.

Exempt farmers from Biden tax plan, ask 13 House Democrats

Thirteen House Democrats representing farm districts asked party leaders on Thursday to exempt farmers from President Biden's proposal to apply the capital gains tax more stringently. Iowa Rep. Cindy Axne, one of the organizers of the letter, said "a significant number of Democrats" support the farmer exemption.

House Ag chairman: Use tax code to encourage purchases from Black farmers

Black farmers "don't have access to the same markets our white farmers have," said House Agriculture chairman David Scott, but the tax code could put them on equal footing. Scott is working on legislation to offer tax incentives to processors and other companies if they buy crops and livestock from Black producers.

Biden is expected to eliminate ‘stepped-up basis’

During his campaign for the White House, President Biden said he would eliminate "stepped-up basis," which allows heirs to avoid capital gains taxes, and he is expected to carry out the pledge this week to pay for an expansion of social programs. Farm groups say elimination of the tax break would impose a burden on agriculture.

Trump runs in rural America on ethanol, tax cuts, regulatory relief

President Trump is ending his re-election campaign in rural America on the same issues that boosted him in 2016: Promises of tax cuts, fewer federal regulations and support for corn ethanol. In addition, farmers are wealthy from $23 billion in trade-war payments, said Trump in Dubuque, Iowa, on Sunday; "That's why you're all here and you're all happy."

USDA nominee Perdue is accused of ethical lapses as governor

For weeks, the political sun beamed on former Georgia Gov. Sonny Perdue, nominated for agriculture secretary, with the only complaint being the slow pace toward a confirmation hearing. Now, the Environmental Working Group faults Perdue for ethical lapses "that raise troubling questions about his fitness to run the department."

Four-year extension of biodiesel tax credit is proposed

Sens Chuck Grassley of Iowa and Maria Cantwell of Washington state proposed revival and extension of the $1-a-gallon biodiesel tax credit through 2018. "This provision should be included in the tax extenders package under discussion," Grassley said in a joint statement with Cantwell.

Drive to renew tax ‘extenders’ stretches into final weeks

Lawmakers are "headed for another last-minute, end-of-the-year renewal" of five-dozen tax breaks that expired at the end of 2014, reports Agri-Pulse, which quotes House Majority Leader Kevin McCarthy as saying, "In these situations, it's always coming down to the last week to see what mix we're able to get."

Farm groups, lenders press for tax ‘extenders’ bill

Some 39 agribusiness groups, from growers to lenders, asked congressional leaders in a letter to revive two tax breaks for equipment purchases as part of a multi-year tax “extenders” package. The tax breaks, known as Section 179 and bonus depreciation, were among four-dozen tax incentives, …

Timing of tax ‘extenders’ bill uncertain, says Senate leader

Senate Majority Leader Mitch McConnell says he wants to enact a tax "extenders" bill in a timely way, but did not suggest a likely course of action during a news conference, reports Agri-Pulse.

‘Tax extenders’ bill advances, including Section 179 expensing

The Senate Finance Committee approved, 23-3, a bill to retroactively revive four dozen tax breaks that expired at the end of 2014.

Senate tax package would boost investment, biofuels

The $1 a gallon biodiesel tax credit would be revived along with other incentives for renewable energy in a Senate Finance Committee package of tax "extenders." The committee is scheduled to discuss, and probably vote on, the package on Tuesday.

Senate sends $41 billion tax extenders bill to White House

The Senate passed, 76-16, and sent to President Obama a retroactive one-year revival of four dozen tax incentives that expired at the start of this year.

Waiting for Senate to vote on tax extenders package

The so-called tax extenders package, to retroactively revive more than 50 tax breaks for 2014, may be one of the last items of business for the Senate this week.

Senate may vote this week on Section 179 tax break

The Senate is expected "in the coming days to restore more than 50 tax breaks, all of which expired at the end of 2013, just through the end of this year," including the Section 179 business expensing provision, says The Hill newspaper.

House to vote on one-year revival of tax incentives

The House could vote as early as Wednesday on a one-year retroactive renewal of tax breaks that expired at the start of this year, says Politico. The four dozen incentives include the $1 a gallon biodiesel tax credit, a wind power credit and the $500,000 business deduction for new equipment.

House sends to Senate a tax bill with three-week lifespan

Representatives passed, 378-46, and sent to the Senate a retroactive revival of five dozen tax breaks that expired on Jan 1, including a handful that apply to the agriculture sector.

House bill to revive tax incentives heads for a vote

The House Rules Committee cleared for a floor vote a bill to revive five dozen tax incentives that expired at the start of this year. The House is scheduled to vote today.

Congress may act soon on biodiesel, other ag tax credits

Revival of four dozen tax breaks, including incentives for the agricultural sector, is possible in the lame-duck session that opens next week, says the Washington Post.

 Click for More Articles