“We commend House Ways & Means Committee Chairman Jason Smith for including permanent extension of Section 199A in his budget reconciliation package that will be marked up today. Making Section 199A permanent gives farmers and co-ops the confidence to plan for the future, invest in their operations, and continue feeding a growing world. Now more than ever, producers need smart, forward looking tax policy as they adapt to a rapidly changing marketplace.
“The legislation also includes the extension of Section 179 expensing, which allows farmers and co-ops to fully write off the cost of equipment and infrastructure investments, and the clean fuel production credit under Section 45Z, which helps expand domestic markets for agricultural products used in renewable fuel production.
“We urge committee members to keep these provisions as they move through mark-up and as the bill goes to the House floor.”
About NCFC
Since 1929, NCFC has been the voice of America’s farmer cooperatives. Our members are regional and national farmer cooperatives, which are in turn consist of nearly 2,000 local farmer cooperatives across the country. NCFC members also include 17 state and regional councils of cooperatives. Farmer cooperatives allow individual farmers the ability to own and lead organizations that are essential for continued competitiveness in both the domestic and international markets.
America’s farmer-owned cooperatives provide a comprehensive array of services for their members. These diverse organizations handle, process and market virtually every type of agricultural commodity. They also provide farmers with access to infrastructure necessary to manufacture, distribute and sell a variety of farm inputs. Additionally, they provide credit and related financial services, including export financing.
