The U.S. House Ways and Means Committee has released its tax reform plan, the Tax Cuts and Jobs Act. This is the first major tax package since the 1980s, and this legislation is expected to move quickly through Congress. However, a lot of work remains to enact the bill into law.
Farm Bureau has worked hard to make sure it includes the following provisions important to farmers:
- Reduced business tax rates
- Immediate expensing of business investments
- Continuation of cash accounting
- Continuation of Section 1031 like-kind exchanges
- Estate tax relief
According to Jack Irvin, Ohio Farm Bureau senior director, state and national policy, now is the time for members to tell their legislators we need common sense tax reform to ensure these items remain in the final bill.
The federal tax code should be simple, transparent, and fair to farmers, and it should recognize farmers’ unique financial challenges. Ohio Farm Bureau believes the Tax Cuts and Jobs Act is a step in the right direction.