Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   
   
   
   

Agricultural News


Ag Groups Demand House Preserves Section 199 in Trump's Tax Fix to Block Tax Hikes on Farmers

Tue, 14 Nov 2017 12:22:57 CST

Ag Groups Demand House Preserves Section 199 in Trump's Tax Fix to Block Tax Hikes on Farmers Over 180 agricultural organizations, cooperatives and other agribusinesses on Monday sent a letter to the House Speaker Paul Ryan and House Minority Leader Nancy Pelosi opposing repeal of the Domestic Production Activities Deduction, also known as Section 199. H.R. 1, the House tax reform legislation, would eliminate Section 199.


“Ending the Section 199 deduction for agriculture would result in many individual farmers paying more in taxes, as most do not pay under the corporate code and the current proposal will not overcome the loss of the deduction,” the groups write. “In many cases farmers will see a double-digit increase in their tax bill under the proposed plan.”


Passed as part of the “American Jobs Creation Act of 2004,” Section 199 recognizes the unique challenges presented within the cooperative business model by allowing cooperatives to deduct the proceeds earned from products that are manufactured, produced, grown, or extracted and pass those deductions directly back to their farmer-members. The support Section 199 provides to rural communities is critical. In fact, farmer cooperatives pass 95 percent of the benefit-nearly $2 billion nationally-directly back to farmers across rural America. Farmers can then deduct their share of the Section 199 benefit from their farms’ tax burden.


The letter emphasizes that with most of agriculture is facing the fourth consecutive year of stagnant prices, now is not the time to raise the tax burden on farmers, ranchers and growers.


“Section 199 should be preserved in order to protect the good paying jobs and the economic return generated by the presence of farmer-owned cooperatives in rural communities. We encourage you to preserve Section 199 for agriculture as part of any tax reform efforts,” the letter concludes. “As a matter of basic fairness, we need you to consider tax reform that will lower rates on businesses broadly but does not raise taxes on farmers.”


A copy of the letter, including the list of all signing organizations, can be found online.



Source - National Council of Farmer Cooperatives





    

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma State's DASNR and CASNR Honor Three Alums and Three Champions on Campus This Past Friday  Sun, 21 Oct 2018 16:24:38 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Friday, October 19, 2018  Fri, 19 Oct 2018 14:25:41 CDT
  • Friday Market Wrap-Up with Justin Lewis  Fri, 19 Oct 2018 14:11:50 CDT
  • Friday Afternoon Market Wrap-Up with Carson Horn  Fri, 19 Oct 2018 13:50:58 CDT
  • OK Cattlemen's Foundation Sends Funds to Help Cattle Producers Affected by Hurricane Michael  Fri, 19 Oct 2018 13:08:45 CDT
  • U.S. Cotton Now Free - After More Than 100 Years - of the Economically Devastating Pink Bollworm  Fri, 19 Oct 2018 12:58:40 CDT
  • Agricultural Alliance 25x'25 Urges Industry Groups to Sign On In Support of Domestic Bioenergy  Fri, 19 Oct 2018 12:47:00 CDT
  • OSU Hosts Free Herbicide Symptomology Clinic for Producers Dealing with Increased Weed Pressure  Fri, 19 Oct 2018 12:39:10 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Livestock Exchange Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show Stillwater Milling KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com

    Find more about Weather in Oklahoma City, OK

       
       
    © 2008-2018 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.