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National & World Ag News Headlines |
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AFBF Calling for Tax Provision Extensions
USAgNet - 12/01/2020
Several organizations from different sectors are asking lawmakers to pass important tax legislation.
The American Farm Bureau Federation joined multiple groups from the ag industry and abroad including the American Public Transportation Association and National Milk Producers Federation to call on Congress to extend tax provisions before Congress
adjourns.
The tax rules in question are called “extenders” because Congress usually gives them short-term extensions rather than make the rules permanent.
The provisions scheduled to expire at the end of the year include: Three-year depreciation for racehorses two-years or younger; The new markets tax credit; The work opportunity tax credit.
Congress must act to keep these rules valid for Americans, the groups said.
Many of the rules also apply to agribusinesses as well.
Unless Congress extends the rules, craft breweries, wineries and distillers may be forced to pay higher taxes as early as April.
One ag industry organization is calling on its members to urge Congress to pass important tax law.
The Brewers Association, which represents U.S. craft brewers, is holding a day of action on Dec. 1 to ask lawmakers to pass the Craft Beverage Modernization and Tax Reform Act.
This law would make the current federal excise tax rates, which are set to expire on Dec. 31 permanent.
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