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


12 House Ways & Means Members Call on Treasury to Withdraw Section 199A Rules for Farmer Co-ops

Mon, 01 Mar 2021 12:35:17 CST

12 House Ways & Means Members Call on Treasury to Withdraw Section 199A Rules for Farmer Co-ops Congressman Ron Kind (D-Wis.) and a bipartisan group of 11 other members of the House Ways and Means Committee sent a letter to Treasury Secretary Janet Yellen late last week asking her to withdraw or delay regulations that increase taxes on farmers and ranchers.

The regulations would implement Section 199A(g) of the tax code for farmer cooperatives; this was the fix to the so-called grain glitch. The rule, issued by then Treasury Secretary Steve Mnuchin on his last day in office, changes the calculation of the deduction in a way that means that farmer-members of co-ops will end up paying more in taxes. This action was in direct conflict with the express will of Congress when it passed the grain glitch fix.

“The final regulations do not reflect the statutory construction of section 199A(g), the legislative history, the regulatory authority provided to Treasury with respect to this provision, and relevant case law,” the Ways & Means members state. “They reflect a misunderstanding of the operations of a farmer cooperative and its relationship with its farmer-patrons. Most importantly, the final regulations impose unwarranted financial burdens on farmers at a time when farm communities are struggling.”

A copy of the letter can be found at http://ncfc.org/wp-content/uploads/2021/03/2021.02.26-Kind-199Ag-Letter-to-Treasury.pdf

NCFC President and CEO Chuck Conner, commenting on the letter, said, “I would like to thank Congressman Kind for his leadership on this issue and recognize the other members of the committee, both Democrats and Republicans, who joined him in sending this letter. Now that Secretary Yellen has had time to fill out the staff at Treasury, we look forward to meeting with the new team to review the history of this issue and ask that the regulation be withdrawn or, at a minimum, delayed.”


   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Feeder Steers and Feeder Heifers Steady to Lower at Joplin Regional Stockyards on Monday  Tue, 20 Apr 2021 05:54:15 CDT
  • Emma Yates of Stillwater FFA Wins $2,000 Rick Jones Memorial Scholarship at Commercial Cattle Grading Contest  Tue, 20 Apr 2021 05:47:26 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m, Monday, April 19  Mon, 19 Apr 2021 19:07:50 CDT
  • U.S. Wheat Crop Slightly Behind Normal Progress And Oklahoma Has The Top Crop According to latest USDA Crop Progress Report  Mon, 19 Apr 2021 16:22:57 CDT
  • The National Fish and Wildlife Foundation, Sysco and Cargill to scale sustainable grazing practices across 1 million acres of grassland in the Southern Great Plains  Mon, 19 Apr 2021 16:19:11 CDT
  • Monday, April 19, 2021 Market Wrap-Up with Justin Lewis  Mon, 19 Apr 2021 15:13:23 CDT
  • Growth Energy Calls on EPA to Fix E15 Labeling and Infrastructure   Mon, 19 Apr 2021 14:28:45 CDT
  • Beef and Pork Checkoffs Partner with Dr Glynn Tonsor and His Meat Demand Monitor  Mon, 19 Apr 2021 14:32:47 EDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.

    Our Road to Rural Prosperity sponsors!

    Banc First OPSRC ORWA TPAOO TPAOO

    Search OklahomaFarmReport.com


       
       
    © 2008-2021 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.