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Reward! Lost: Fox Terrier, white and orange female, named Sara, no collar, went missing May 1, near F.M. 775 and 3432. Call Lindsay at 210-284-0094.

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Agriculture Today


Stallman calls for tax extensions, changes




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April 23, 2014 | 5,292 views | Post a comment

Farmers and ranchers need tax certainty to thrive in a modern economy, and making permanent deductions that expired in 2013 is a good first step, the American Farm Bureau Federation told the House Ways and Means Committee April 8.

“One of the major goals of tax reform should be to provide stable, predictable rules for businesses so that they can grow and create jobs,” American Farm Bureau President Bob Stallman said in an April 8 press release. “Farm Bureau believes that Congress should end its practice of extending important business tax provisions for one or two years at a time. This practice makes it very difficult for farmers and ranchers to plan and adds immense confusion and complexity.”

Stallman addressed the committee as part of a hearing addressing the economic disruption caused by the end of a series of tax deductions over the past several years. Committee Chairman Dave Camp, R-Mich., recently introduced a discussion draft of the Tax Reform Act of 2014 in an effort to stimulate discussion of how the tax code could be simpler and fairer, while at the same time aiding economic growth, job creation, and wages.

In written testimony submitted to the committee, Stallman called for extensions of several now-expired deductions to benefit the economy as a whole, including:

•Section 179 expensing, which allows small businesses to write off immediately capital investments of as much as $500,000 instead of depreciating them over several years;

•Bonus depreciation, which is an additional 50 percent bonus depreciation for the purchase of new capital assets, including agricultural equipment;

•Cellulosic Biofuel Producer Tax Credit: a $1.01 per gallon income tax credit for cellulosic biofuel sold for fuel plus an additional first-year, 50-percent bonus depreciation for cellulosic biofuel production facilities;

•A $1 per gallon tax credit for production of biodiesel and renewable diesel fuels;

•The Community and Distributed Wind Investment Tax Credit, which gives the option to take an investment tax credit in lieu of the Production Tax Credit and

•A provision encouraging donations of conservations casements.

Stallman reiterated the importance of Section 179’s immediate expensing to farming. “Farming and ranching is a capital intensive business,” he said. “In order to remain profitable and be competitive, farm equipment, buildings, and storage facilities must be continually upgraded and replaced. This provision allows agricultural producers to reduce maintenance costs, take advantage of labor-saving advances, become more energy efficient, and adopt technology that is environmentally friendly.

“Smart business planning that anticipates and budgets for annual capital improvements proves challenging for farmers and ranchers because they operate on tight profit margins. The immediate expensing provided by Section 179 allows farmers and ranchers to cash flow purchases that otherwise might be delayed or incur debt expense that impact profitability.”
 

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