The following may be attributed to American Farm Bureau Federation President Zippy Duvall:
“Farm Bureau applauds Congress for its progress in reforming the tax code. This new tax plan moves us closer to a tax system that rewards the hard work and entrepreneurship of America’s farm and ranch families.
“Today’s proposal includes expanded, immediate expensing while continuing the business interest deduction important to so many farmers and ranchers. It also provides immediate relief from the estate tax with a repeal to follow in subsequent years. We will be studying the plan to ensure the new rate structure reduces the tax burden of our nation’s farmers and ranchers and gives them the flexibility they need to reinvest in their businesses.
“We are long overdue for a permanent tax code that recognizes the unique financial challenges farmers and ranchers face in managing their businesses and keeping their farms running from one generation to the next.”