Source: NC FARM BUREAU, 12/230/17



Legislation recently introduced in Congress would continue several expired tax provisions important to farmers and ranchers. Offered by U.S. Senate Finance Committee Chairman Orrin Hatch, R-Utah, the Tax Extenders Act of 2017, S. 2256, would extend several tax credits for biodiesel, renewable energy and for short line railroads. Most of the credits expired in 2016. In a recent letter to U.S. House and U.S. Senate leaders urging them to pass the legislation, American Farm Bureau Federation and more than 55 other organizations explained that these expired provisions impact sectors vital to the U.S. economy and support tens of thousands of jobs nationwide. “Acting to extend these expired tax provisions will allow businesses and individuals to make important planning decisions.

Allowing these provisions to remain lapsed creates confusion in the marketplace, and effectively increases taxes on entities that create jobs and economic growth,” the groups wrote. Congressional tax writing committees are expected to work on tax extenders in January.