Congress faces a Friday deadline to pass a $1.3 trillion government-wide spending plan and companies that buy commodities from farmers hope it will include a fix to the Section 199A tax deduction that has rattled the industry.
President Donald Trump signed into law today the sweeping tax overhaul legislation that Congress passed this week, saying he wanted to make good on his promise to give Americans the holiday present he’d promised by Christmas.
Many producers could see meaningful tax cuts next year, but the sweeping tax bill that Congress gave final approval to Wednesday will leave them without the certainty on expensing and estate planning that farm groups were seeking.
Congressional Republicans are poised to send their historic package of individual and business tax cuts to President Trump's desk before Christmas and also plan to pass a new stopgap funding bill that could include disaster aid to growers hammered by this year's hurricanes.
Congressional Republications finalized a sweeping tax reform package that could cut tax rates for farmers and other small businesses while expanding the Section 179 expensing allowance and doubling the estate tax exemption.
Congressional Republicans this week step up efforts to finalize a sweeping package of tax cuts, while the Senate Agriculture Committee’s GOP majority attempts to advance another of President Trump’s nominees for the Agriculture Department.