Hoosier Ag Today by: Cayla McLeland
Time Running Out On Tax Provisions
Congress went on the Thanksgiving recess without an agreement on extending expired tax provisions. Farm Bureau tax advisor Pat Wolff says there are 50 tax provisions that expired at the end of last year that have not been addressed.
?Congress has been talking about them since January 1st. It?s now almost December and they still haven?t resolved which of those provisions will stay on the books. There are two that are very important for farmers and ranchers and that is section 179 small business expensing and bonus depreciation.?
A coalition of agriculture groups including the American Farm Bureau sent a letter to lawmakers last week urging them to act on section 179 small business expensing and bonus depreciation. There is legislation being considered in both chambers to extend the two provisions. Wolff says farmers and ranchers need Congress to pass permanent rules rather than temporary extensions.
?Congress has a decision. They can either put provisions on the books and make them permanent so that farmers and ranchers will know whether or not they can take a deduction when they buy a piece of equipment or they can do what they did last year and put something temporary on the books that leaves everybody wondering.?
Wolff says time is limited as Congress will be in session for only 11 days in December.
?There is a danger that if Congress gets wrapped up in other matters, that they just won?t get around to this and every farmer and rancher who cares about being able to deduct the cost of equipment needs to call Washington and tell their Representatives and Senators to get this done, to make it permanent and to do it now rather than later.?
Source: NAFB News
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