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
The
Governor Terry McAuliffe today announced an award of $481,410.50 in grant funding for 10 agriculture-related projects from the United States Department of Agriculture (USDA). The grants will promote and enhance the competitiveness of Virginia’s specialty crops and create more economic development opportunities across the Commonwealth. The project awards resulted from a competitive grant process established by the Virginia Department of Agriculture and Consumer Services (VDACS) for the USDA’s Specialty Crop Block Grant funds.
Traveling from Hawaiian papaya groves, to banana farms in Uganda, to the cornfields of Iowa,
Robert Mills, Jr., a first generation farmer who grows tobacco and raises beef cattle and pullet breeder chickens near Callands, Va., has been selected as the overall winner of the Swisher Sweets/Sunbelt Expo Southeastern Farmer of the Year award for 2017.
The Virginia Department of Agriculture and Consumer Services announced that the October Crop Production report that was released today from the National Agriculture Statistics Service (NASS) shows a continued large increases in projected yields for cotton and peanuts from 2016.
October is National Farm-to-School Month, and Virginia is celebrating with Virginia Farm to School Week, from October 2-6, 2017. This designation is intended to create awareness of the Virginia Farm to School Program and promote opportunities for both farmers and schools to become involved. Farm to School’s overarching mission is to increase the volume of locally- grown foods served in schools, which is a win-win for both school systems and the agriculture industry! This primarily takes the form of three components: procurement, education, and school gardens.
American Farm Bureau is expressing support for the Agricultural Guestworker Act of 2017. The bill would create an H-2C visa program that will allow American farmers and, packers and processors access to a legal and stable supply of workers. AFBF President Zippy Duvall stated the following:
The number of turkeys raised in Virginia in 2017 is expected to total 17.0 million, down slightly compared to 17.2 million in 2016, according to the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS). These results were based on a September 1 survey conducted in major Turkey Producing States.