Home Farming Ways and Means Committee Moves to Make Important Tax Provisions Permanent

Ways and Means Committee Moves to Make Important Tax Provisions Permanent

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The Tax Cuts and Jobs Act, passed in 2017, reduced taxes for all businesses, but only the tax cuts for incorporated businesses operated as C corporations are permanent. The vast majority of farms and ranches, however, file their taxes as sole-proprietors, partnerships or S corporations.

“Failure to [make these provisions permanent] will result in a huge tax increase. In addition, the uncertainty caused by temporary tax provisions makes the already tough business of running a farm or ranch even harder,” AFBF President Zippy Duvall wrote in a letter urging committee members to support the bill.

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