News

Ag groups seek tax policy permanence

Nearly 270 farm organizations are asking Congress to permanently extend several expiring tax provisions important to agriculture.

Chuck Conner with the National Council of Farmer Cooperatives says there’s about $5 trillion in tax increases that take effect at the end of the year without congressional action.

“And much of that $5 trillion is focused on our agricultural sector, so we’re working very very hard to try and get permanent extensions of the current tax policy.”

U.S. Senator Chuck Grassley of Iowa tells Brownfield the Senate Finance Committee’s goal is to make permanent every provision from the 2017 Tax Cuts and Jobs Act including the Section 199A 20 percent pass-through business income deduction.

“That’ll be up to a Parliamentarian in the Senate, we can do that. And if we don’t get by the Parliamentarian, it would be possible to put certain sections like 199A as permanent law if it’s fully paid for.”

The Iowa Republican says there’s been progress on federal tax policy negotiations and movement on a bill is possible in the next month.

Chuck Conner audio:

Chuck Grassley audio: