NAWG Domestic Committee report
Farm and Ranch November 5, 2010 When the National Association of Wheat Growers recently held its fall board of directors meeting, the estate tax was one of the topics addressed in the Domestic and Trade Policy Committee. Its chairman is David Schemm. Schemm: “One of the things we are dealing with right now is the estate tax and of course this is something that is quite concerning for our farm families out there, especially when they are looking for a generational transfer here. So we passed a new resolution concerning that to make sure we can make sure that we can allow that to pass from one generation to next and continue the family farms we have out there. Also as many people are probably aware of with the new Obama health care plan we are very concerned about the new 1099 reporting factors. We don‘t want to overburden our farm families out there with more paperwork.” There is no federal estate tax this year but if Congress does not act the tax will return in 2011 and no more than one million dollars of a person’s estate would be exempt from the tax. That tax rate would be 55 percent. The NAWG board approved a resolution supporting a five million dollar estate tax exemption and a 35 percent rate with indexing. As to the Form 1099, a new NAWG resolution supports raising the minimum reporting level on Form 1099 and opposes any further expansion of current reporting requirements. On the farm bill, Domestic Committee Chair Schemm says they have two subcommittees, one looking at things that may need tweaking in the existing law and another looking at ideas for the 2012 Farm Bill. I’m Bob Hoff and that’s the Northwest Farm and Ranch Report on Northwest Aginfo Net. ? ? ?
