tax reform

Republicans in DC, hope to make individual tax breaks, including for agriculture, permanent in their next version of tax reform, which they plan to take up in the lame-duck Congress.  It was a key shortcoming of the sweeping tax reform bill Republicans passed last year and one that Democrats pointed to in denying any bipartisan support for the GOP effort; temporary breaks for individuals, permanen

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 $...

Work continues in Congress to pass an omnibus federal budget by Friday.  That includes attempt to level the playing field between cooperatives and other businesses involved in grain trade and similar commodities.  What is known as Section 199-A of the recently adopted tax law.   ...

The National Council of Farmer Cooperatives and the National Grain and Feed Association are both in favor of a legislative proposal that would fix an unintended consequence of the Republican tax overhaul.  The changes to tax law give huge tax breaks to farmers who sell their goods to cooperatives over other types of businesses.  Po...

It was an unintended consequence of the tax reform law passed late last year,  but farmers enjoy a nice tax break if they sell to cooperatives rather than through commercial businesses.  This has stirred up efforts by lawmakers, like Senators Thune and Hovand, to correct the problem.   ...

The new tax law still has estate taxes, but very few people will ever have to worry about that. "Makes the vast majority of family farms and small businesses exempt from the estate tax," said President Donald Trump.   Iowa State University Tax expert Kristine Tidgren said under the old law it was a pretty small percentage of people who paid any estate tax, farmers could own property wort

Cathy McMorris Rodgers says one of the big winners during the first year of the Trump administration is the country’s farmers and ranchers.  The Eastern Washington Republican said the White House has taken several steps to cut red tape, allowing producers to grow the food and fiber we all consume.  One exam...

The new tax law will not impact how we fill out this year's returns but next year there will be big differences, as far as keeping track of deductions.  Kristine Tidgren is an Ohio State University Tax expert says many of the deductions we have taken in the past will be there, but we will probably not use them because the new law doubles the standard deduction.  ...

The latest farm bill delay is being blamed on the government’s budgeting problems.  Farm bill lawmakers had hoped to complete a farm bill last year, but that never happened.   Ag leaders blamed “A little thing called ‘tax reform.’”   Now, it’s the mi...

Even though the legislation has been signed into law by President Trump, the war of words continues over Tax Reform.  Many Democrats in Washington D.C. feel the new tax law benefits mostly the weathly, while farm state Republicans say farmers and the working class will benefit.  ...