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Washington, D.C. (December 2, 2017)—“It is deeply unfortunate that the Senate failed to include continuation of the Domestic Production Activities Deduction (DPAD), also known as the Section 199 deduction, for agriculture in their tax reform bill. This action creates tremendous uncertainty as farmers plan for the coming year and they will need to quickly assess the impact of this legislation with their accountants and lenders.
“We would like to recognize the leadership of Senator John Hoeven of North Dakota, who throughout the Senate debate worked tirelessly to see Section 199 for agriculture retained. Senator Pat Roberts of Kansas was also instrumental in ensuring that farmer co-ops and their members are treated equitably in provisions dealing with the deductibility of business interest.
“We also commend Senator John Thune of South Dakota for his success in ensuring that farmer cooperative members are able to take of advantage of the deduction for flow-through income and that farmer cooperatives also receive a tax benefit.
“As the House and Senate work to reconcile their tax bills in the coming days, we look forward to working with Senators Roberts and Thune, as well as other supporters on the conference committee, to improve on the Senate provisions to ensure that the final bill does not raises taxes on farmers and their co-ops.”
Since 1929, NCFC has been the voice of America’s farmer cooperatives. Our members are regional and national farmer cooperatives, which are in turn composed of over 2,000 local farmer cooperatives across the country. NCFC members also include 26 state and regional councils of cooperatives. Farmer cooperatives allow individual farmers the ability to own and lead organizations that are essential for continued competitiveness in both the domestic and international markets.
America’s farmer-owned cooperatives provide a comprehensive array of services for their members. These diverse organizations handle, process and market virtually every type of agricultural commodity. They also provide farmers with access to infrastructure necessary to manufacture, distribute and sell a variety of farm inputs. Additionally, they provide credit and related financial services, including export financing.
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via NCFC http://ncfc.org
December 4, 2017 at 11:24AM