Yesterday, the U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor announced that small and midsize employers – defined as businesses with fewer than 500 employees – can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

Cory Lunde

As you are well aware, the House and Senate have passed a tax bill that dramatically changes tax rates across the country. This bill is extremely complex and will likely impact your farm.

The most important thing you can do is reach out to your tax professional and have them walk you through the new law and how it will impact your operations.

In the meantime, here is a basic analysis of the implications of the new tax bill for agriculture.

Summary of Changes

Dennis Nuxoll

Yesterday, Republican leaders working on tax reform proposals released a nine-page document highlighting the various components of what may be included in tax reform legislation moving through Congress later this year. The proposal mentions several key components of a new tax package, but also leaves several key matters completely or partially unaddressed.

The Republican proposal would:

Stephanie Metzinger

Today, along with several other agricultural representatives, Western Growers Senior Director of Federal Affairs Ken Barbic met with Treasury Secretary Steve Mnuchin to discuss tax reform priorities for farmers across the country.

Taking place in the White House’s Roosevelt Room, the meeting was one of several ongoing tax reform listening sessions being held by the Trump Administration. The Administration expects more detailed proposals to be released later in the summer and wants to move tax reform legislation before the end of the year.

Cory Lunde

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