Congressional tax proposals would cost agriculture $4.8 billion
The study used U.S. Department of Agriculture data to estimate the financial impact of congressional proposals to require agricultural operations with more than $10 million in gross receipts to shift to the accrual form of accounting.
In January, 33 agricultural organizations including the American Farm Bureau, the National Cattlemen’s Beef Association, National Corn Growers Association and National Pork Producers Council sent a letter to the Senate Finance Committee expressing their concerns about the proposed changes to the cash-accounting rules.
“Cash accounting combined with the ability to accelerate expenses and defer income gives farmers and ranchers the flexibility to manage their tax burden on an annual basis by allowing them to target an optimum level of taxable income, commensurate with long-term annual earnings,” according to Bob Stallman, President of the American Farm Bureau Federation. “Cash accounting also gives farmers and ranchers the flexibility they need to plan for major investments in their businesses and in many cases provides guaranteed availability of some agricultural inputs.”
- Fall-applied herbicides work better on some weeds
- TekWear partners up on new crop monitoring technologies
- Harvest delays impact crop performance, study shows
- Hogs were the exception to the bullish rule Thursday
- Sugarcane aphids found in North Carolina
- Online registration open for Dec. 15-16 AGMasters conference
- How much corn can the ethanol industry use?
- Economist: Taxing P could reduce risk of algal blooms
- Commentary: Government wants farmers to quit farming
- Ag markets made a generally mixed showing Thursday night
- What is the relationship between maturity group, yield?
- Commentary: Ambulance-chaser lawyers take on Syngenta