Source: Chuck Abbott, SUCCESSFUL FARMING, 9/14/21


The Democratic-controlled House Agriculture Committee approved its $66 billion part of President Biden’s $3.5 trillion “build back better” bill on a party-line vote Monday, with Chairman David Scott saying he was confident that $28 billion will be added later for land stewardship and climate mitigation by farmers. Meanwhile, House Democrats said they would not alter a tax break that helps farmers pass land from generation to generation. Farm groups had adamantly opposed any change in “stepped-up basis,” which reduces liability for capital gains taxes on inherited property.

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