Agricultural News
Coop Leader Chuck Connor Disappointed in Section 199 Not Being Included in Senate Tax Cut Bill
Mon, 04 Dec 2017 06:11:27 CST
The National Council of Farmer Cooperatives expressed their disappointment over the failure of the US Senate to include the Section 199 deduction in their tax reform package. Their CEO, Chuck Connor, offered the following statement over the weekend after the Senate voted 51 to 49 in favor of the Senate's version of the Tax Cuts and Jobs Act:
"It is deeply unfortunate that the Senate failed to include continuation of the Domestic Production Activities Deduction (DPAD), also known as the Section 199 deduction, for agriculture in their tax reform bill. This action creates tremendous uncertainty as farmers plan for the coming year and they will need to quickly assess the impact of this legislation with their accountants and lenders.
"We would like to recognize the leadership of Senator John Hoeven of North Dakota, who throughout the Senate debate worked tirelessly to see Section 199 for agriculture retained. Senator Pat Roberts of Kansas was also instrumental in ensuring that farmer co-ops and their members are treated equitably in provisions dealing with the deductibility of business interest.
"We also commend Senator John Thune of South Dakota for his success in ensuring that farmer cooperative members are able to take of advantage of the deduction for flow-through income and that farmer cooperatives also receive a tax benefit.
"As the House and Senate work to reconcile their tax bills in the coming days, we look forward to working with Senators Roberts and Thune, as well as other supporters on the conference committee, to improve on the Senate provisions to ensure to ensure that the final bill does not raises taxes on farmers and their co-ops."
Click here for the NCFC website, where they have extensive resources that they use to show the value of this deduction to the Farmer Coops they represent.
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