Many vital provisions in the 2017 Tax Cuts and Jobs Act are due to end at the close of next year. American Farm Bureau Federation president Zippy Duvall says Congress must not lose sight of protecting those provisions.
“Our family farms are already burdened by inflation, increased supply costs, and much, much more. These new tax burdens could put even more pressure on our farmers and ranchers and may even force them out of business. The Tax Cuts and Jobs Act passed in 2017 contains many temporary provisions that relieve some of the burdens faced by farmers and ranchers. Several of these provisions are set to expire at the end of next year, including a key estate tax exemption.”
The estate tax provision is what enables farmers to transfer the operation to the next generation. When the new Congress is sworn in, that’s when Duvall and the Farm Bureau want them to focus on taxes.
“They must address tax provisions that are going to expire at the end of 2025. It’s important that we work with lawmakers now so that they understand how current tax provisions enables our farmers to remain in business and protect their farms, so that they can afford to pass them on to the next generation.”
Duvall says farmers and ranchers need to make their voices heard on the urgency of this issue.
“As a farmer and rancher, their voice is the most powerful advocacy tool that we have. Reach out to your elected official and tell them how the tax provisions like the estate tax exemptions have helped you plan for the future of your farm and see if you can meet with them one on one in person. Lawmakers must understand that there are real consequences to not renewing important provisions like the estate tax exemption.”