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Agricultural News


Senate Ag Committee Chair Pat Roberts Touts Tax Reform Conference Report- WIll Be Helpful to Farmers and Ranchers

Mon, 18 Dec 2017 04:06:24 CST

U.S. Sen. Pat Roberts (R-Kan.), a senior member of the Senate Finance Committee, today said the tax reform legislation released by the House and Senate conference committee will provide tax relief for middle income Americans creating economic growth and new jobs.

"Kansans want to keep more of their hard earned dollars, said Roberts. "In this conference report, every income level will experience tax relief. I am especially pleased with the provisions for small businesses which will also help farmers and ranchers. All of us want our economy to improve and expand. I hope the Senate will approve these long overdue reforms and send them to the president to be signed into law so that Americans may have an extra special holiday this year."

The conference report includes legislation crafted by Senator Roberts that would simplify accounting rules and reform key parts of the tax code to help small and medium-sized business owners, including farmers and ranchers, more quickly recover investment costs and certain other tax deductible business expenses. These provisions would encourage new business growth and help existing businesses, including farms and ranches, expand their operations, create new jobs, and grow the economy.

Senator Roberts was also successful in including provisions in the final bill that would protect the property and casualty insurance industry from higher tax burdens. These insurers are important to the agricultural industry, because they are the primary providers of crop insurance, which is an essential risk management tool for production agriculture. Roberts' efforts prevented new taxes on the industry, which would have been passed on to farmers and ranchers at a time when they are facing reduced commodity prices.

Both the Senate and the House must approve the report before the president may sign it into law.

Senator Roberts also serves as Chairman of the Senate Committee on Agriculture, Nutrition, and Forestry.

 

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