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Farm Bureau Asks Congressional Leaders to Support Farm Tax Fix

Newsroom / March 14, 2018

The American Farm Bureau Federation today asked congressional leadership to support a stakeholder-driven agreement to fix recent tax legislation via the upcoming omnibus spending bill. The Tax Cuts and Jobs Act had the unintended consequence of distorting commodity markets and treating farm and ranch businesses differently, depending on where they sold their commodities.

 

Text of the letter is below.

 

American Farm Bureau Federation

600 Maryland Ave., SW

Suite 1000W

Washington, DC 20024

 

 March 14, 2018

 

The Honorable Paul Ryan

Speaker of the House

U.S. House of Representatives

Washington, DC 20515

 

The Honorable Nancy Pelosi

Minority Leader

U.S. House of Representatives

Washington, DC 20515

 

The Honorable Mitch McConnell

Majority Leader

United States Senate

Washington, DC 20510

 

The Honorable Charles Schumer

Minority Leader

United States Senate

Washington, DC 20510

 

Dear Speaker Ryan, Majority Leader McConnell, Minority Leader Pelosi, Minority Leader Schumer:

 

The American Farm Bureau Federation supports the stakeholder-driven proposal announced yesterday to respond to the unintended consequences of Section 199A of the Tax Cuts and Jobs Act.

 

In addition, we support inclusion of the proposal in the pending 2018 omnibus spending bill. The Tax Cuts and Jobs Act contains many provisions that benefit farmers and ranchers as they navigate the uncertainties of weather and markets to produce an abundant supply of food, fiber and fuel. These include lower tax rates, improved cost recovery and the new business income tax deduction. Unfortunately, Section 199A had the unintended consequence of distorting commodity markets and treating farm and ranch businesses differently depending on where they sold their commodities.

The proposed solution restores the balance of competition within the marketplace and provides fairness in the tax treatment of farm and ranch businesses. The need for swift passage is critical to provide certainty to farmers and ranchers as they sell stored commodities and make marketing decisions for this year’s crop.

 

We urge you to support and facilitate passage of the stakeholder-driven proposal to respond to the unintended consequences of Section 199A by including the provision in the 2018 omnibus spending bill.

Sincerely,

Zippy Duvall

President

 -30-

 

 

 

 

Contact:
Will Rodger
Director, Policy Communications
(202) 406-3642
willr@fb.org
 
Shiloh Perry
Media Relations Specialist
(202) 406-3643
shilohp@fb.org
 

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