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Agricultural News


Farm State Lawmakers Help Craft Final Deal Beneficial to Farm Coops in Tax Reform Conference Report

Mon, 18 Dec 2017 04:01:10 CST

Farm State Lawmakers Help Craft Final Deal Beneficial to Farm Coops in Tax Reform Conference Report After the release of the Tax Reform Conference Report late Friday, the CEO of the National Council of Farmer Cooperatives, Chuck Conner, offered the following statement of support for the final products that will likely be voted on by both the House and Senate by the end of this week:


"Throughout the debate on tax reform, several Senate champions of agriculture have worked tirelessly to make sure that farmers and their co-ops were treated fairly in the process.

"The top tax bill priority for farmer co-ops was ensuring that the elimination of the Section 199 deduction did not result in a tax increase on farmers. Senator John Hoeven of North Dakota recognized the consequences of eliminating the deduction early on and became instrumental in finding a fair solution. Senator John Thune of South Dakota, a member of the Finance Committee and a co-chair of the Congressional Farmer Cooperative Caucus, secured provisions that will keep money in the pockets of family farmers across the country at a time when low commodity prices mean that every penny counts.
"Senate Agriculture Committee Chairman Pat Roberts of Kansas also was instrumental in ensuring that farmers and co-ops were treated equitably when it came to provisions regarding the deductibility of interest.

"As such, NCFC strongly supports this bill and thanks Senators Hoeven, Roberts and Thune for their leadership."



   

 

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