Following the Senate passing a tax reform bill, the American Farm Bureau Federation released the following statement:
American Farm Bureau Federation President Zippy Duvall –
“Farmers and ranchers have long called for a fair tax code that recognizes our hard work as well as the unique challenges we face in growing our nation’s food, fiber and fuel. The Senate’s passage of tax reform legislation today puts us within reach of that goal.
“We applaud the Senate’s commitment to key tax provisions farm and ranch businesses depend on, such as immediate expensing, business interest deduction and cash accounting. While we also had hoped to see the estate tax finally put to death, increasing the exemption should bring relief for many farm and ranch families looking to preserve their agricultural legacy.
“Farm Bureau looks forward to the Senate and House reconciling the differences between their respective versions in conference to achieve a final tax reform package that addresses the needs and concerns of farmers and ranchers and boosts economic growth in rural America.”