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Agricultural News


NCFC, NGFA Address Concerns Regarding Potential Marketplace Effects from Recent Tax Reforms

Fri, 12 Jan 2018 11:03:44 CST

NCFC, NGFA Address Concerns Regarding Potential Marketplace Effects from Recent Tax Reforms Chuck Conner, president & CEO, National Council of Farmer Cooperatives (NCFC) and Randy Gordon, president & CEO, National Grain and Feed Association (NGFA), released the following statement on the Section 199A Tax Provisions.



“We are aware of questions and concerns raised about the potential marketplace effects of the new section 199A of the Tax Cuts and Jobs Act as it relates to producers and agribusinesses. Congress’s intent in including this provision was to replicate the tax treatment previously available to co-op farmer-members, consistent with the bill’s overarching goal of creating jobs and economic growth including in rural America.


“We are working intensively with stakeholders, including cooperatives, non-cooperative-owned agribusinesses and Senate offices, including Senators Hoeven, Thune and Roberts. The goal of these discussions is to arrive at an equitable solution that preserves the benefits that cooperatives and their farmer patrons previously enjoyed under Section 199 of the tax code, while addressing any unforeseen impacts on producers’ marketing decisions. NCFC, NGFA and our stakeholders are committed to reaching a solution in a thoughtful and expeditious manner, and to working with Congress to address this issue promptly.”



Source - National Council of Farmer Cooperatives





   

 

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