Ag Tax Breaks Win House Panel Boost

Quicker expensing of farm equipment and tax breaks for high-interest costs are part of a sweeping bipartisan tax bill that just advanced to the full House.

The bill reported on a 40 to three vote by the House Ways and Means Committee restores full and immediate expensing for farm and other equipment. Missouri Republican Representative and Committee Chairman Jason Smith says; “This bill also expands 100 percent expensing, which allows employers to fully deduct the cost of equipment and machines that increase productivity and worker wages. When this policy was originally implemented, investment in American businesses grew 20 percent.”

But farm and other business face another challenge addressed in the bipartisan House and Senate bill according to Smith. He says, “Right now, small and mid-sized businesses are getting hammered by interest rates that are the highest in 23 years. Restoring this provision will create more than 850,000 jobs and 58 billion in additional take-home pay for workers.”

And more broadly, the bill helps rural communities. Smith says, “This bill includes tax relief for communities across the country that have been upended by manmade and natural disasters.” Hurricanes, floods and wildfires among them.

Separately and less likely to become law lacking bipartisan backing, a reprise of earlier death tax repeal bills, the latest by Iowa Republican Randy Feenstra with support from 162 lawmakers.

Story courtesy of NAFB News Service and Berns Bureau Washington/by Matt Kaye

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