News

Congress making progress on tax policy

An ag tax specialist is confident Congress will act before several provisions important to farm families expire.

Chad Hanson with Iowa-based tax accounting firm Corporate Farmer says recent signals from Washington indicate progress.

“What I’m hearing out of Washington is that both the Senate and the House are pretty much on the same page when it comes to the tax portion of this bill that they’re proposing at this point and time, so that’s really good news.”

He tells Brownfield funding does need to be ironed out.

“Obviously extending some of these tax cuts is going to cost money, and when we talk money anymore in Washington we’re talking trillions of dollars. So that’s the side of it that there are going to be some holdouts and some people that want to see certain things happen.”

Hanson says amid so much uncertainty in agriculture, it does seem certain many of the tax provisions farmers are concerned about losing will be preserved.