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Minnesota Soybean Growers seek full conformity on Section 179 expensing

The Minnesota Soybean Growers Association continues to push for full conformity on Section 179 expensing.

MSGA president Jamie Beyer says current Minnesota law caps deductions at $25,000.  The federal cap is $1 million.

“And that has caused some headaches for some of our farmers.”

She tells Brownfield legislators indicate it’s going to be a heavy lift.

“It’s just flat-out the cost. They don’t know how they’re going to afford the full conformity. And when you hear of a farmer who traded in a piece of equipment and now has this huge state tax bill, I don’t know that we can afford to have partial tax conformity either.”

Beyer says she’s pessimistic about full conformity on Section 179 happening this year partially because of the lack of attention Governor Walz has given it in the weeks leading up to the 2020 Legislative Session.