Urgent tax relief push for farmers by agricultural groups
USAgNet - 04/10/2024
A coalition of farm groups, led by the American Farm Bureau Federation, has made a significant push for the Senate to pass the Tax Relief for American Families and Workers Act. The legislation, already passed in the House with wide bipartisan support, is seen as crucial for the agricultural sector, particularly concerning tax provisions like Section 179 expensing and bonus depreciation.
The bill addresses the phasing down of bonus depreciation, a concern for farmers as it affects their ability to manage tax liabilities and reinvest in their operations. These tax provisions are instrumental in allowing farmers to update and improve their equipment, enhancing efficiency, sustainability, and resilience in their agricultural practices.
The coalition's urgency stems from the immediate need for these tax reliefs, arguing that waiting until 2025 would be too late for many in the agricultural industry. They highlight that the current tax challenges, including the reduction of benefits under Section 179 and the complications around 1031 exchanges, are raising tax bills and limiting farmers' capabilities to invest in their businesses.
Farm groups are now calling on farmers and ranchers to contact their Senators, urging them to either bring the current bill to a vote or find a compromise that could move forward. The goal is to ensure the legislation reaches the President's desk as soon as possible, providing the necessary tax relief to support the agricultural community in continuing to thrive and serve the country.
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