Farm Groups Support Estate Tax Repeal

first_imgThe American Soybean Association (ASA) was among 32 agricultural groups that signed onto a letter to House Ways & Means Committee Chairman Kevin Brady (R-TX) and Ranking Member Richard Neal (D-MA) indicating support for full repeal of the estate tax. The groups urged that the estate tax repeal be included in any tax reform package passed this year. In addition, the letter expresses support for maintaining the stepped up basis provisions in current law, which limit the amount of property value appreciation that can be subjected to capital gains taxes when inherited assets are sold.Comprehensive tax reform is a top priority for Congress in 2017 and the House intends to move forward on a package in the coming months. ASA will also be weighing in with policymakers on other tax issues that impact soybean farmers, such as continuation of the cash accounting method for farm operations, an option to allow full and immediate expensing of capital investments, maintaining 1031 like-kind exchanges and extension and restructuring of the biodiesel tax credit.Click here to read the entire letter.last_img read more