Agricultural News
NCBA's Tax Maven Danielle Beck Talks Turkey on Pre-Thanksgiving Tax Package and Its Impact
Fri, 17 Nov 2017 11:47:27 CST
On Thursday, the House of Representatives passed HR1, the Tax Cuts and Jobs Act, in tandem with the Senate's passage of its own version of the legislation. With key provisions important to the livestock industry included in both of these plans, the National Cattlemen's Beef Association joined other groups in the ag industry in praising the move by legislators. Danielle Beck, NCBA's tax specialist who works in the organization's DC office, offered reaction and an explanation of some of the bill's highlights, particularly concerning the movement on the Death Tax, to Radio Oklahoma Ag Network Farm Director Ron Hays.
"The bill immediately doubles the exemption limits on the Death Tax and then in 2025, the Death tax would be permanently repealed," she explained. "That's excellent news. We're thrilled that House legislators maintained their long-standing commitment to the livestock and agricultural industries and that they're going to get rid of the Death Tax once and for all."
Furthermore, Beck says NCBA is pleased with several other provisions in this proposed plan, likely to come before the full consideration of Congress after Thanksgiving, according to the latest updates. Beck says the House bill would allow for full and immediate expensing after September 2017, but before January 2023. All purchases made, would there for receive a 100 percent bonused appreciation. It also increases the small business expensing cap under Section 179 from $500,000 to $5 million, and lifts the dollar for dollar phase out that exists at $2 million currently, to $20 million - also affective from 2017 to 2023. The Senate bill aligns fairly close to the House version, but to a lesser degree. It does not provide a complete repeal of the Death Tax and is a shade lighter in its expansion of Section 179. These and some other minor issues are expected to hopefully be worked out in conference negotiations and Beck is optimistic some fair solutions will come about.
"The House Ways and Means Committee understands how important this issue is to us," Beck said. "We've received verbal commitments from a number of members on that committee that moving into conference, they are committed to addressing this, to ensure that agricultural producers come out on the winning end of this once the tax reform is finally enacted."
Listen to NCBA's Danielle Beck and Ron Hays discuss the details of the tax reform package that passed through the House and Senate this week, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is 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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