With Passage of Tax Extenders Stopgap, ASA Calls for Longer-Term SolutionWed, 03 Dec 2014 17:39:21 CST
In response to the passage of a short-term extension of several key tax credits by the House of Representatives Wednesday, the American Soybean Association (ASA) expressed both its appreciation for a fix in the near term, and disappointment in the absence of a longer-term solution. ASA President and Iowa farmer Ray Gaesser used the opportunity to call on Congress to redouble its efforts to pass a longer-term tax extenders package.
"ASA first and foremost supports a long-term extension of several of the items included in today's short-term fix. These initiatives include the dollar-per-gallon biodiesel tax credit, expensing for farm equipment and infrastructure under the Section 179 expensing provision, and bonus depreciation on farm assets. Such an approach provides greater certainty and a more stable climate for the farmers and producers who make use of these programs, and we were very disappointed that agreement was not reached on a broader measure. That said, we support the House's passage of their short-term extension in the absence of a more permanent solution. While it remains only a stopgap measure, we hope that the Senate will take up and pass it quickly. At that point, we urge both chambers to join together and tackle the work of extending these critical tax incentives for the long term."
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