Agricultural News
Farm Equipment Association Likes New Tax Law
Tue, 28 Dec 2010 17:24:19 CSTThe Farm Equipment Manufacturers Association, which was formed by multi-generational family manufacturing businesses, says there is no question that many of the provisions contained in the tax bill signed by President Obama last week are a victory for the manufacturers of specialized farm equipment.
The FEMA still believes a repeal of the estate tax and making the Bush-era tax rates permanent would have been more beneficial, but this two year relief for small, family owned manufacturers is far better than the 55 percent tax that would have destroyed many.
The Association says the estate tax provisions in this bill will help many of our members, who want to pass down the family businesses to the next generation, without having to sell their assets just to be able to afford this tax. If the estate tax had been allowed to revert back to the pre-2001 level of 55 percent, on property valued at 1-million dollars, FEMA believes - there would have been little, if any chance of family run businesses surviving for the next generation.
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