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A big policy “to-do” list for agriculture

It remains to be seen if Congress can get a farm bill across the finish line in 2025. U.S. Congressman Randy Feenstra of Iowa says, “Let’s be honest, it’s going to be tough.”

He says America’s farmers and ranchers deserve the certainty of a five-year farm bill. “I have great confidence in our chairman, G.T. Thompson,” he says.  “He’s a brilliant man who knows how to strategize and get this done. I really think by this summer, we’re going to have a farm bill on the table, ready to go and get it passed.”

Feenstra tells Brownfield this year’s version of a farm bill could look different than the bill that was passed out of Committee last year. “We have a lot of things in that last farm bill that were used for pay-fors,” he says.  “It will probably be used for in the reconciliation bill now.”

In addition to a farm bill in 2025, Congress will also have to address the expiring Tax Cuts and Jobs Act.  Feenstra says the Death Tax needs work.  “Right now, it’s at $7 million,” he says. “Everything above that will have to be paid at 40% tax. There are over 200 supporters to get the death tax extended and maybe even get it to $20 million worth of exemption.”

Feenstra and Sanford Bishop (Georgia) introduced The Death Tax Repeal Act into the U.S. House last week, and a companion bill was introduced into the U.S. Senate by Majority Leader John Thune (South Dakota).  Feenstra says he’d like to see it included in the reconciliation bill.  Current Death Tax relief is set to expire at the end of 2025, and many in the ag industry want Congress to provide permanent relief for family operations. If the federal estate tax exemption reverts to pre-2017 limits, coupled with the rapid inflation of farmland values, many more families will be subject to the Death Tax.

AUDIO: U.S. Congressman Randy Feenstra