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House Sergeant at Arms Paul Irving and U.S. President Donald Trump arrive for a meeting with the House Republican conference at the U.S. Capitol Nov. 16, 2017, in Washington, DC. Chip Somodevilla/GettyImages
House Sergeant at Arms Paul Irving and U.S. President Donald Trump arrive for a meeting with the House Republican conference at the U.S. Capitol Nov. 16, 2017, in Washington, DC.

Most ag groups praise House tax bill

NFU says policy adds to national deficit; AFBF, NCBA say they are pleased with policies.

The House of Representatives passed their Tax Cuts and Jobs Bill on Nov. 16 by a vote of 227-205. Here are some of the comments we’ve received:

“We haven’t had an overhaul of the burdensome federal tax code since the mid-1980s and it is well past time to provide needed relief to workers and families,” said Agriculture Secretary Sonny Perdue. “The people of agriculture dedicate their lives to putting food on the table for their fellow citizens and they deserve to keep more of what they earn from their labors. I applaud President Trump for his leadership in driving the debate and clearing a path for historic and significant tax cuts and reforms, just as I am pleased to see the sense of urgency with which Congress is moving toward a solution. The result will be more money in people’s pockets, more jobs created, and a more vibrant American economy.”

“Today’s passage of the Tax Cuts and Jobs Act (H.R. 1) by the House of Representatives puts us one step closer to a tax code that works for all farmers and ranchers,” said American Farm Bureau Federation President Zippy Duvall. “Lower rates combined with the preservation of small business expensing, like-kind exchanges and the business deduction for state and local taxes are just a few of the things we are pleased to see in this legislation. We look forward to working with the Senate to build on this success in the coming weeks.”

“Last week, we asked our dealers to call members of Congress and let them know that a business interest limitation was unworkable for our industry. Congress listened to our members and H.R.1, as passed today, contains an exemption from the business interest limitation for businesses which utilize floor plan financing.” said Kim Rominger, President and CEO of the Equipment Dealers Association. “Our work isn’t done, though. The Senate Finance Committee has released its own tax reform proposal. The proposal contains a limitation on business interest. If enacted in its current form, the business interest limitation will have a profoundly negative impact on equipment dealers. We urge our dealers to call their senators and let them know that we need a business interest exemption which is equivalent to the provision passed in H.R. 1.”

“NFU is alarmed by the House’s decision to pass highly flawed tax reform legislation that has disastrous implications for American family farmers and ranchers,” said National Farmers Union Senior Vice President of Public Policy and Communications Rob Larew. “The policies put forth by this bill would increase the tax burden on family farmers and the middle class, and they add a massive $1.5 trillion to our national deficit. On top of that, they potentially put funding for vital farm safety net programs on the chopping block and jeopardize passage of the Farm Bill. We urge the Senate to reconsider their current legislation, as it has comparable implications for family farm agriculture.”

“. . . This bill would immediately double the death-tax exemption and put the tax on the path to extinction in five years,” said Craig Uden, president of the National Cattlemen’s Beef Association. “That’s a major victory for family ranchers and cattle producers. The bill also fully preserves the step-up in basis, allows businesses to immediately and fully expense the cost of new investments, increases Section 179 small-business expensing limits, and expands cash accounting. These are all victories for cattle producers.”

Compiled by Janet Kubat Willette

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