The House of Representatives overwhelmingly voted to address several expired tax policies affecting farmers and ranchers Wednesday, Dec. 3. The National Association of Wheat Growers reported that the House-passed legislation provides a one-year extension and includes the following pieces relevant to America’s wheat farmers:
- Extends the Sec. 179 small business deduction of up to $500,000 for new/used equipment (Sec. 127 of the bill);
- Extends the 50 percent bonus depreciation for the first year on certain property purchased for business use (Sec. 125);
- Extends the charitable deduction for certain food donations (Sec. 126); and
- Extends the 50 percent deduction for landowners who give conservation easements to a government agency or land trust entity, and includes the enhanced dedication of up to 100 percent (over 16 years) for certain qualified farmers/ranchers (Sec. 106).
Previously, NAWG joined a group of agriculture and business groups in a letter to Members of Congress urging them address the tax policies. The letter can be read in its entirety here.