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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, April 24, 2024
U.S. Trade Representative Katherine Tai on Tuesday forcefully defended President Joe Biden's cautious approach to negotiating new trade agreements, saying the administration wants to avoid deals that pit one U.S. sector against another.
The House overwhelmingly approved a bipartisan tax package Wednesday night that includes improvements to valuable expensing provisions used by farmers, as well as an expansion of the child tax credit.
The House could pass a short-term package of tax breaks as soon as this week, but the measure faces some Republican concerns that the expanded child tax credit included in the deal could help President Joe Biden’s re-election campaign or encourage working parents to quit their jobs.
A congressional agreement that would boost the child tax credit and temporarily increase some business tax breaks is paving the way for a major battle coming in 2025 over a range of expiring tax cuts that could cost trillions of dollars to extend.
The House Ways and Means Committee advances a bipartisan agreement to expand the child tax credit while boosting two tax breaks that are widely used in agriculture.
A bipartisan deal between leaders of the House and Senate tax-writing committees would raise limits on the Section 179 expensing provision that is popular with farmers, and the agreement also would restore a bonus depreciation provision to 100%.
The Senate is expected to approve a new deputy secretary for USDA this week as lawmakers return from their July 4 break facing a backlog of fiscal 2024 spending bills heading into the August recess.
Two tax breaks that are widely used in agriculture are at stake as Republicans and Democrats renew what is likely to be a multi-year battle over tax policy.
House Republicans proposed a tax package Friday that would impose a new excise tax of up to 60% on purchases of U.S. farmland by China and other “countries of concern."
