NCBA Says Final Tax-Reform Legislation Takes 'Sizeable Bite' Out of Death Tax
US - After much debating, Congress has released a final tax-reform bill, wherein some personal exemptions will be eliminated while also increasing standard deductions.
19 December 2017
1 minute read
Craig Uden, president of the National Cattlemen’s Beef Association (NCBA), issued a statement saying: "The Tax Cuts and Jobs Act makes a number of changes to the current tax code that will benefit family ranchers and farmers, including the expansion of key provisions livestock producers rely on like cash accounting, bonus depreciation and Section 179.
"While it is disappointing that Congress ultimately passed up this once-in-a-generation chance to fully and permanently repeal the unfair and onerous death tax, the final bill does take a sizeable bite out of the death tax by doubling the exemption rates, and we are grateful for the lawmakers who fought so tirelessly on agriculture’s behalf.
"Unfortunately, in order to keep the cost of the bill within Senate budget rules, all of the positive changes affecting individuals, including the higher death tax exemption rates, are set to expire after 2025.
"Of course, fourth-, fifth-, and sixth-generation cattle producers tend to think about things in the long-term, and in that tradition, we will continue to fight to reduce the tax burden on family ranchers in the months and years to come."
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