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Estate tax relief a win for Farm Bureau
President Obama recently signed a tax relief bill that sets for two years an estate tax rate exemption of $5 million with a maximum rate of 35 percent.
The American Farm Bureau Federation (AFBF) is pleased with the results. “That’s a level that’s high enough to protect most farms and ranches from the estate tax,” said American Farm Bureau Tax Specialist Pat Wolff. “Most farms and ranches are family operations with multiple generations working together as partners. It’s a big enough hit when a partner in a business dies, but to tack a huge tax on top of it can be very harmful to a farm or ranch."
Ohio Farm Bureau had expressed concerns that farmers had with the tax to U.S. Sen. Sherrod Brown, who voted for the bill.
AFBF recognizes that this was a very good deal, but knows it is only temporary and will have to start working right away to make certain the estate law stays on the books. The new law also continues a number of other provisions supported by Farm Bureau. It extends for two years a lower capital gains tax rate for all taxpayers and lower income tax rates for all taxpayers. It also extends tax incentives for biodiesel, ethanol and other alternative fuels, as well as extending the tariff on imported ethanol.