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2025 a big year for tax policy

2025 will be an important year for federal tax policy, and Compeer Financial vice president of legislative affairs Perry Aasness says several of the Tax Cut and Jobs Act provisions important to farmers are set to expire.

“We would like to see some of those exemptions on estate tax maintained at least, there’s some pretty good levels. But things such as Section 179 expensing and things like that allow farmers to manage their tax situation (and) we want to make sure those provisions are in there.”

He tells Brownfield ag groups will be at the table during negotiations.

“I think there will be a lot of support within agriculture, as much as the farm bill is still a priority, to make sure that a tax bill helps agriculture is there as well.”

Aasness says he is concerned work on a new tax bill will take focus away from Congress getting the farm bill done next year.