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Russell Nemetz Tax Reform Framework
by Russell Nemetz, click here for bio

Program: Land & Livestock Report
Date: September 29, 2017

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Hi everybody it’s time for your Land and Livestock Report here on the Ag Information Network of the West’s-I’m Russell Nemetz.

Groups such as the American Farm Bureau Federation were "encouraged" by the initial framework for tax reform put on the table Wednesday by Republican leaders in Congress.

Zippy Duvall, president of the Farm Bureau, said tax reform is essential to helping farmers and ranchers facing financial challenges right now.

A key part of the tax framework for businesses is the expansion of immediate expensing of any equipment -- known mainly as the Section 179 deduction. Without detailing any cap or limits, the framework states new depreciation of assets would officially start Sept. 27, 2017, even though legislation is not official law yet.

Backing an effort pushed by the American Farm Bureau and National Cattlemen's Beef Association, the framework plan would also eliminate the estate tax and the generation-skipping transfer tax. Indiana farmer Kip Tom joined President Donald Trump in the Hoosier state on Wednesday to demonstrate how the estate tax, which applies to estates with more than $5.49 million in taxable assets, affects farmers.

That’s your Land and Livestock Report-I’m Russell Nemetz.

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