This week on Our Ohio Weekly, hear more about this opportunity for members to help legislators make the connection between what is happening on Ohio farms and what is being debated in the halls of Congress and within federal agencies.
Representatives on both sides of the aisle recently have spoken out against stepped-up basis.
The letter addresses four key tax provisions that make it possible for farmers and ranchers to survive and pass their businesses on to the next generation: estate taxes, stepped-up basis, 199A small business deduction and like-kind exchanges.
Earlier this week, Ohio Farm Bureau President Bill Patterson wrote a letter to Ohio’s congressional delegation, reiterating Farm Bureau’s significant concern for certain tax proposals being considered that would hurt family farms.
The Ohio Department of Taxation has released the 2021 CAUV tax values for counties in a reappraisal or update this year, and results show about a 25% decrease from the previous valuations in 2018.
Recently, legislation proposed in Congress would tax capital gains at death and eliminate stepped-up basis as a way to raise revenue for government spending.
Sen. Sherrod Brown hosted a virtual roundtable with Ambassador Katherine Tai, 19th United States Trade Representative, and Ohio farmers, workers and manufacturers to discuss the impact of trade policy on Ohio communities.
Topics include capital gains and stepped-up basis, the policy development process and the pandemic’s impact on rural health care now and in the future.
Members are encouraged to write to their members of Congress, urging their support for the continued use of stepped-up basis.
How could the proposed STEP Act impact your farm? Our friends at Wright & Moore share all the important facts and some recommended actions.