AFBF Applauds Tax Relief Effort

The House Ways and Means Committee recently approved a bill making ax reforms permanent for farmers and ranchers.  The American Farm Bureau Federation applauds the passing of the Protecting Family and Small Business Tax Cuts Act of 2018.  Pat Wolff, senior director of congressional relations for AFBF, says the bill would make the tax cuts fair.

“For businesses that are incorporated, the tax cuts are permanent, but  for other businesses, small business, farms who file as individuals, the tax cuts are temporary. So, what they Ways and Means Committee did last week was take the first step in making the important tax cuts for farm and ranch businesses permanent.”

Wollf said the changes included in the bill offer several benefits to farmers and ranchers.

“The tax rates that small businesses pay are temporary, so, what the Ways and Means committee did last week was make the lower tax rates permanent.  They also would make permanent the new 20% businesses deduction for farm revenue.  That will go away in 2026 if Congress doesn’t make it permanent.”

Wolff said at this point, they are asking farmer and ranchers to show their support for the legislation by contacting their lawmakers.

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