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Shining Light on Farm & Food Policy for 20 Years.
Thursday, September 12, 2024
Republicans blocked the Senate on Thursday from taking up a House-passed tax bill that includes improvements to valuable expensing provisions used by farmers, as well as an expansion of the child tax credit.
The Senate this week tackles a bipartisan border security compromise that likely faces unsurmountable opposition from House Republicans and former President Donald Trump.
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.
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%.
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.
