From American Farm Bureau Federation President Zippy Duvall:
“The tax reform package passed by Congress this week will result in lower taxes for the vast majority of farmers. This tax overhaul includes many changes to the tax code, most notably lower individual tax rates, that will benefit farmers. Ninety-four percent of farmers pay taxes as individuals, and those rates are coming down. The bill also maintains all of the important deductions and credits that farmers rely on. So, thanks to a lot of hard work by Congress and the administration, farmers will have both lower rates and all the tools they’ve always had to manage their businesses.
“Starting next year, farmers will also be able to take a 20 percent deduction off their business income. That’s new, and it will reduce the taxes farmers owe. The bill also doubles the estate tax exemption to $11 million per person, which will provide relief to the vast majority of farmers. We look forward to President Trump signing this bill. Most of the provisions in this tax bill are temporary, lasting for only seven years, so Farm Bureau will now focus our work on making those important tax deductions, lower rates and the estate tax exemption permanent.”