Council of Farmers Cooperatives Express Support for Amendment to Prevent Tax Hikes on CO-OPSFri, 01 Dec 2017 14:26:10 CST
The National Council of Farmer Cooperatives today expressed strong support by an amendment filed today by Senators John Hoeven of North Dakota and Jerry Moran of Kansas that would prevent a tax increase on farmers and their co-ops. The amendment to H.R. 1, the Tax Cuts and Jobs Act of 2017, would retain the "Domestic Production Activities Deduction" (DPAD), also known as Section 199, for agriculture.
"We urge every senator who wants to avoid increasing taxes on farmers and their co-ops to support the amendment filed by Senators Hoeven and Moran," said Chuck Conner, president and CEO of NCFC. "Section 199 has a proven track record of letting farmers keep more of the money that they earn, of creating jobs in local communities and boosting economies across rural America."
"Without this amendment, farmers and their co-ops will face increased taxes at a time of continued low commodity prices, when they can afford such a financial hit the least," said Conner. "Rural areas will see money that had been invested locally leave their communities, having an impact far beyond agriculture."
In addition, NCFC and 193 other farm groups, cooperatives and agribusinesses today sent a letter to Senate leadership expressing their support for inclusion of the Hoeven amendment in the tax reform package.
Source - The National Council of Farmer Cooperatives
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