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 Thara

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

Tax reform will be a significant priority for the Congress in 2017 with both Congress and the Trump Administration looking to revamp the nation’s tax system. Earlier this month, Senator John Thune (R-ND), and Representatives Kristi Noem (R-SD) and Rob Bishop (R-UT) introduced legislation in the Senate and House of Representatives, respectively, that would repeal the estate tax, while still keeping open changes to the “step-up in basis” rule. Western Growers has joined with other organizations expressing support for these measures. Two letters we have signed onto can be viewed below.  

Jeff Janas

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