Agricultural News
Estate Tax Legislation Receives FB Support
Thu, 31 Mar 2011 17:33:46 CDT
Help could be coming for farm and ranch families who own 98 percent of our nation's 2-million agricultural operations. The American Farm Bureau Federation supports new estate tax legislation offered by Representatives Kevin Brady of Texas and Mike Ross of Arkansas. According to Farm Bureau, the bill, H.R. 1259, would relieve farmers and ranchers from the financial drain of estate tax planning and prevent the damage caused to farms and ranches when a family member dies.
Farm Bureau President Bob Stallman says estate taxes continue to be a problem for farm and ranch families whose family-owned businesses generate the vast majority of the food for our country. "When estate taxes on an agricultural business exceed the operations' cash and liquid assets, the tax can cripple a family-owned farm or ranch and hurt the rural communities and businesses that agriculture supports."
The Farm Bureau leader continues, "the on-again-off-again nature of estate tax law makes it difficult, if not impossible, for farmers and ranchers to engage in planning for the transfer of a family business from one generation to the next. There is a real need for permanent estate tax elimination and H.R. 1259 sends that message loud and clear."
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