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Indiana Beef Cattle Association Ending 2014 on Good Note

Indiana Beef Cattle Association Ending 2014 on Good Note
No second beef checkoff, tax extenders package and annual convention announcement all make for a great ending to 2014 for Indiana beef producers.

Last week, USDA said it plans to withdraw its plan to create a second beef checkoff under the 1996 Generic Commodity Promotion Research and Information Act – good news for the National Cattlemen's Beef Association and the state associations.

Bob McCan, NCBA President, said the move allows industry stakeholders to continue working together to enhance the Beef Checkoff Program.

"All of us involved in this process have been very mindful of the tremendous producer support of the Checkoff, and we will continue to work with the Beef Checkoff Enhancement Working Group and our members to enhance the program while building on the support," he said in a released statement.

Grow Your Beef Your Way: Indiana Beef Cattleman's Association 2015 Convention and Annual Business Meeting is set for Feb. 13 in Bloomington, Ind.

Related: What You Need To Know About Section 179

More good news came when the U.S. Senate voted 76 to 16 to pass a tax extenders package that holds key provisions for small businesses such as Section 179 expensing and bonus depreciation. The tax extenders package was previously approved in the U.S. House of Representatives and was signed by the President on Dec. 19.

"America's cattle producers are primarily family-owned small businesses who need stability in the tax code in order to make sound business decisions," McCan said. "This tax extenders package encourages economic growth and provides greater certainty in the tax code."

Both the bonus depreciation extension and the extension of Section 179, which provides a higher deduction level for some capital expenditures like machinery and equipment, are key for producers, said Kent Bacus, director of legislative affairs for NCBA.

Related: Why You Should Care About Depreciation Deduction: Section 179

While the retroactive extension means producers will be operating under an expired tax code in 2015, it could add the needed pressure to complete a comprehensive tax reform deal in the New Year, Bacus said.

Plans for the 2015 Indiana Beef Cattle Association Convention also have been released. Save Saturday February 21, 2015, on your calendar for all the information, fellowship and fun happenings at the Fourwinds Resort and Marina in Bloomington, Ind.

For more information on the convention, visit the Indiana Beef Website. Registration deadline is February 13, 2015.

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