Evaluating impact of House Ways & Means proposal for tax changes wisfarmer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wisfarmer.com Daily Mail and Mail on Sunday newspapers.
(NAFB) – House lawmakers recently introduced the Preserving Family Farms Act of 2021, a priority for the National Cattlemen’s Beef Association.
NCBA has long supported efforts to reduce tax burdens on farmers and ranchers. This bipartisan legislation to expand IRS Code Section 2032A would allow cattle producers to take advantage of the Special Use Valuation and protect family-owned businesses from the impact of the federal estate tax, commonly referred to as the Death Tax.
The Preserving Family Farms Act increases the maximum amount allowed under the exemption from $750,000 to $11 million, indexed for inflation, thus reviving an important tool in the toolbox for farm and ranch families across the U.S., according to NCBA.
NCBA Welcomes Preserving Family Farms Act newsdakota.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newsdakota.com Daily Mail and Mail on Sunday newspapers.