Farm State members of Congress helped push sweeping tax legislation across the finish line in the House, though some Ag Senators seem reluctant to throw their support behind the bill. Their message prevailed over bill opponents on both sides of the aisle—farmers and ranchers will benefit from the bipartisan, bicameral tax deal the House passed 357-70.
Iowa’s Randy Feenstra, “Agriculture’s the economic engine of my district, and our tax policies must help our farmers grow, invest and compete with China. This legislation does exactly that.”
Feenstra added it helps farmers with two key provisions; “100 percent bonus depreciation and the expansion of the Section 179 deduction limit. Our producers rely on these tools to buy farm equipment and invest in their operations.”
And from Nebraska Republican Adrian Smith on the tax writing Ways and Means Committee, “This bill includes language that I introduced to ensure capital intensive industries can fully deduct the cost of interest from their taxes. This is particularly important right now, as Americans continue to deal with recent high inflation and higher interest rates.”
But in the Senate, Republicans Chuck Grassley, Thom Tillis and Mitt Romney, quoted in the Washington Post, criticized the bill, Grassley citing the political benefits to President Biden in an election year while withholding final judgment.
Still, groups on both sides of the political spectrum rallied behind the bill.
American Farm Bureau Federation President Zippy Duvall in a written statement, said the bill will bring “meaningful tax relief to our nation’s farmers and ranchers at a time of high interest rates and slim margins.” He urged the Senate to “swiftly” pass it.