Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   
   
   
   

Agricultural News


National Farmers Union Defends Family Farmers Against Proposed Rule Change to Estate Tax

Fri, 04 Nov 2016 09:53:23 CDT

National Farmers Union Defends Family Farmers Against Proposed Rule Change to Estate Tax National Farmers Union (NFU) submitted comments to the Internal Revenue Service (IRS) urging that a proposed rule change for the taxable value of assets be amended to consider family farmers and ranchers.


The law currently provides meaningful relief for family farmers to transfer their farm operations to the next generation through provisions that account for several variations in asset valuation. However, the U.S. Department of Treasury announced in August a regulatory proposal that would remove this provision for all taxpayers without consideration for the unique challenges that farm families face.


“As most businessmen and women consider retirement, farm operators 65 and older make up the fastest growing segment of the farming population. Succession planning is an important aspect of any farm business. It’s essential that our tax laws provide the necessary provisions to ensure farm families can pass on their operations to the next generation without being forced to sell valuable farm land,” said NFU President Roger Johnson.


NFU has long advocated for an effective estate tax with reasonable limitations, Johnson explained. The concern is that “the new proposed regulation will go as far as to deny family farmers essential discounts currently afforded through lawful provisions in the tax code.”


“A majority of a farm’s value comes from real estate, which for farmers, is not viewed as a saleable asset. We are concerned that the changes within the proposed regulation would deny essential discounts to family farms and significantly increase taxes on the transfer of family farms, threatening the ability to keep the operation intact,” he added.


According to the Department of Treasury, the regulations will not take effect until public comments are carefully considered and then 30 days after the regulations are finalized. NFU is requesting the final regulations differentiate family farmers and ranchers from other economic categories considered under this rule.


“Treating family farmers, looking to responsibly transfer their operations, as wealthy individuals using aggressive tax strategies to artificially lower their asset value to avoid paying higher taxes is an unfair representation of family agriculture. I hope the Department of Treasury will take responsible action and consider family farmers and ranchers in their final rule,” Johnson concluded.


A full copy of Johnson’s comments can be read here. You can also listen to Roger Johnson's comments by clicking here.




Source - National Farmers Union




   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Friday, August 23, 2019  Fri, 23 Aug 2019 16:57:11 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Friday, August 23, 2019  Fri, 23 Aug 2019 16:56:21 CDT
  • USDA Cattle on Feed Report Proves Friendlier Than Expected with Placements 2% Under Last Year  Fri, 23 Aug 2019 15:14:29 CDT
  • Friday Market Wrap-Up with Justin Lewis  Fri, 23 Aug 2019 14:08:57 CDT
  • Friday Afternoon Market Wrap-Up with Carson Horn  Fri, 23 Aug 2019 14:07:51 CDT
  • American Soybean Association Laments Newly Announced Escalation of Chinese Tariff Situation  Fri, 23 Aug 2019 13:10:45 CDT
  • National Cattlemen's Beef Association Addresses Packing Plant Fire, Details Recovery Efforts Underway  Fri, 23 Aug 2019 12:54:18 CDT
  • Corn Farmers Appreciative of USDA's Revised Methodology for MFP Payment Calculations  Fri, 23 Aug 2019 11:01:20 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show AFR Insurance Stillwater Milling KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com


       
       
    © 2008-2019 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.