The House Ways and Means Committee has released its tax reform plan, the Tax Reform and Jobs Act. This is the first major tax package since the 1980s and this legislation is expected to move quickly through Congress. A lot of work remains to enact the bill into law.
It includes the following provisions important to farmers:
Reduced Business Tax Rates
Immediate Expensing of Business Investments
Continuation of Cash Accounting
Continuation of Section 1031 Like Kind Exchanges
Estate Tax Relief
NOW is the time to tell your legislators we need common sense tax reform to ensure these items remain in the final bill.
The federal tax code should be simple, transparent, revenue-neutral and fair to farmers, and it should recognize farmers’ unique financial challenges. The Tax Reform and Jobs Act is a step in the right direction.
Click here to Take Action: https://www.fb.org/advocacy/tax-reform-and-jobs-act
