LINCOLN, NEB. – “The actions of both the House and Senate to approve the conference report on the Tax Cuts and Jobs Act (H.R. 1) pushes us near the finish line in delivering tax reform that encourages economic growth, while lowering the tax burden for most Americans, including farmers and ranchers.”
“This legislation addresses numerous tax related issues of interest to Nebraska farm and ranch families. Lower rates for pass-through businesses, the ability to continue to deduct normal and customary business expenses, expansion of Sect. 179 business expensing, as well as unlimited immediate expensing, were needed. Equally important is that fact that farmers and ranchers will continue to be able to fully deduct property taxes on agricultural land as a business expense.”
“Furthermore, we appreciate the inclusion of provisions that help farmers and ranchers manage their cash flow and tax liabilities, such as the continuation of cash accounting and like-kind exchanges for buildings and land.”
“While we would prefer immediate repeal of the estate tax, the legislation doubles the estate tax exemption indexed for inflation, and continues the allowance for spousal transfer. These measures are a positive and immediate step that will ease the estate tax burden on farm and ranch families.”
“We thank Sen. Deb Fischer, Sen. Ben Sasse, Congressman Jeff Fortenberry, Congressman Don Bacon, and Congressman Adrian Smith for their support of this major tax reform effort.”
“We look forward to President Trump signing these much needed reforms into law.”
The Nebraska Farm Bureau is a grassroots, state-wide organization dedicated to supporting farm and ranch families and working for the benefit of all Nebraskans through a wide variety of educational, service and advocacy efforts. More than 61,000 families across Nebraska are Farm Bureau members, working together to achieve rural and urban prosperity as agriculture is a key fuel to Nebraska’s economy. For more information about Nebraska Farm Bureau and agriculture, visit www.nefb.org.