Tax Expert Offers Pro's and Con's of New Tax Legislation
The House has voted to approve a nearly $1.5 trillion tax overhaul bill. And farm and ranch groups offered a mixed reaction to House passage of a tax reform package.
Amy Iverson is a certified public accountant with Wipfli CPA's and Consultants and I talked with her about some of the pro's and con's of the new tax reform legislation for Rural America.
"There are a lot of good things in the House Tax Reform package for farmers and ranchers. The House version cuts the corporate tax rate from 35% to 20% with a 10% minimum tax proposed on global corporations. It also maintains the popular Section 179 and now allows farmers and ranchers to expense items like equipment and livestock in the year they were purchased. And the death tax exemption doubles to $11 million per individual; up from the current $5.5 million. There are also a few not-so-good things for Agriculture like the repeal of Section 199 which allows agricultural cooperatives to pass on the deduction for certain production and marketing expenses to farm and ranch members."
Attention now turns to the Senate Finance Committee, which continues working on its tax overhaul bill.
That's your Land and Livestock Report-I'm Russell Nemetz.