News
Feenstra on farm tax provisions expiring, “This is real.”
There’s a sense of urgency in Congress to address key farm tax provisions set to expire this year.
House Ag Committee member Randy Feenstra tells Brownfield the Tax Cuts and Jobs Act of 2017 has his attention.
“This is real, and I tell you what this is going to affect all of our producers if we do not get this stuff passed. So everything sunsets, literally everything sunsets. So for the farming community, death tax. You have to pay 41 percent on anything that will be $7 million or more, that’s a real concern.”
The Iowa Republican says the Death Tax Repeal Act he helped introduce would push the exemption to at least $14 million.
“That will hopefully be in reconciliation. But it’s also, when you start talking about 179 bonus depreciation, we’ve got to make sure those are fully supported (so) you can depreciate one time right away. We’re working on that.”
Feenstra says he also wants to preserve the 199-A 20 percent pass through deduction used by many farm families.
