Death Tax

Kent Bacus, executive director of government affairs for the National Cattlemen’s Beef Association, says the BBB has several positives for cattle producers.

Last week, Idaho senator Mike Crapo, Chairman of the Senate Finance Committee, joined Senate Majority Leader John Thune and 44 additional Senate colleagues in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax...

The farming community is concerned that the enhanced estate tax exemption could be a major casualty if the 2017 tax cut law expiring at the end of next year isn’t extended.  The estate tax exemption will drop from $13.6 million per individual to its pre-2017 level of $5.5 million if th...

Over the weekend, Representative Dan Newhouse, Chair of the Western Caucus, delivered the Republican address. The Central Washington farmer used the time to focus on how the GOP believes the policies of President Biden and his party hurt rural America ...

Hundreds of Ag and food groups have written Congress’ two tax-writing committees, arguing against the Administration’s proposals to end stepped-up basis and other farm focused tax breaks. The letter by the nation’s biggest farm and food trade groups comes as House Ways and Means and Senate Finance start to decide the cost and how to fund the Biden Administration’s “American Families Plan.” “327 f

President Biden’s nominee for Treasury’s tax policy chief got asked this week about the Administration’s proposal to end the stepped-up basis on family farms and replace it with a capital gains transfer tax. “In terms of the treatment of family farms and businesses, as I understand it, reading the proposal, it would delay any tax due for any family farms and businesses until it was no longer owned

House lawmakers recently introduced the Preserving Family Farms Act of 2021, a priority for the National Cattlemen’s Beef Association. NCBA has long supported efforts to reduce tax burdens on farmers and ranchers. This bipartisan legislation to expand IRS Code Section 2032A would allow cattle producers to take advantage of the Special Use Valuation and protect family-owned businesses from the im

Among the provisions of the tax cut bill passed by Congress last year, is a change in the estate tax.  South Dakota Senator John Thune said the bill doubled the amount of unified credit.   “That’s the amount of assets, your wealth basically on your farm or ranch, that is not subject to taxation.  So, today, that’s $...

A coalition of more than 30 agriculture groups is pressing Congress to repeal the estate tax.  A letter sent to the House Ways and Means Committee asked that any tax reform package include permanent repeal of the estate tax.  Sometimes referred to as the "death tax," the levy is imposed on the net value – less an exemption – of an owner's assets transferred at death.   For the 2016... Re

Legislation introduced in the House and Senate would repeal the death tax, a priority for Farm Bureau members. AFBF Senior Director of Congressional Relations Pat Wolff said this a critical time for passing the legislation before Congress starts on comprehensive tax reform in April...