Agricultural News
NCBA Finds Shrinking Window of Opportunity to Address Federal Tax Reform
Thu, 16 Apr 2015 06:44:05 CDT
As we get into mid-April, it's appropriate to address federal tax reform. National Cattlemen's Beef Association Associate Director of Legislative Affairs Kent Bacus specializes in tax policy. He said both the House and Senate have been working on tax reform in 2015.
"We've been working a lot on tax reform this year," Bacus said. "There's a lot of uncertainty in the tax code, it keeps expiring every year to two years and we really want more permanency, so we have been engaging, trying to get Congress to make our tax code more permanent and really representative of the 21st century needs that we have."
Radio Oklahoma Ag Network Farm Director Ron Hays featured Bacus on the Beef Buzz. Click or tap on the LISTEN BAR below to listen to today's Beef Buzz.
Bacus said the House has already started their work on tax reform in voting to make section 179 - small business expensing permanent, as well as the conservation easement tax credit. He said the Senate has taken a different approach in soliciting comments in looking at a more comprehensive tax reform effort.
Bacus said NCBA will focus on making section 179 permanent at the 2014 levels, so more businesses can advantage of that. Further, NCBA will also focus on bonus depreciation and making sure cash accounting remains part of the tax code, along with the 2032a special use valuation, the conservation easement tax credit and making sure the capital gains rates are lowered.
"One of the big fights that we will have on our hands this year is making sure that the 1031 like-kind exchanges are not eliminated," Bacus said. "There's a big push right now to try and get rid of those and that's an important section of tax code we want to see left alone."
Bacus said there are some members of Congress that have good intensions with tax reform, especially section 179, unfortunately the clock is ticking and it's a very narrow window of opportunity. As people announce their candidacy for the 2016 Presidential election, he said that's going to distract efforts on Capitol Hill.
"So, I think if we don't see tax reform by this summer it's going to be very tough to have anything through the rest of this Congress," Bacus said.
NCBA will continue to engage lawmakers and make sure tax reform doesn't become a back burner issue.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network- but is also a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show- and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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