Beef Buzz News
Ethan Lane Says All Eyes are on Transfer Taxes
Mon, 16 Aug 2021 09:34:14 CDT
The NCBA's annual conference is an opportunity for producers to learn about the latest news and research in the world of beef cattle production, catch up with old friends and hear from NCBA senior leadership.
For Ethan Lane, vice president of government affairs for the NCBA, the burning question of the week was, "if the government chooses to go forward with said plans to fund the new infrastructure bill, what will that mean for the future of ranching in America."
"I can't tell you how many conversations I've had with producers who say, 'are we going to be able to save our farms and ranches from a big tax hit?'" Lane said. "We're talking about transfer tax."
A lot of vital tax legislation is up for negotiation at this point, Lane explained. Doing away with stepped-up basis, rolling back estate tax exemption levels, and utilizing 1031 exchanges to manage estate values were some of the vital tax laws Lane said producers depend on.
"The word in Washington with democrats right now is, 'if it's wealthy - tax it,'" Lane said. "We're hearing from some folks on capitol hill that they want to exempt agricultural producers from taking a direct hit on these provisions, but the number they're talking about are well below where they need to be to truly be helpful."
According to Lane, the exemption figures being thrown around at this time, don't take into consideration urban expansion prices.
"When you're in an environment where cities are rapidly expanding, that has a massive impact on the value of surrounding agricultural acres," Lane said. "$3,000 per acre is not a good number anymore - we all know that."
To make numbers even more real, Lane said 40% of the county's operations are going to transition from one generation to another in the next 15 years. For him and the rest of the leadership at NCBA, it is go-time, Lane added.
Click on the LISTEN BAR below to hear more from Ethan Lane on the future of agriculture, specifically the cattle industry.
Today's Beef Buzz, from the 2021 Cattle Industry Convention in Nashville, is a service of Farm Data Services of Stillwater.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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