President Biden’s American Families Plan includes provisions to protect family farms and small businesses from capital gains taxes as long as heirs continue to operate the farm or business.
But Chad Hansen with farm accounting firm Corporate Farmer in Mason City, Iowa tells Brownfield he’s concerned for those who retire without the next generation planning to take over.
Hansen uses the example of a landowner with 1,000 acres.
“Around here that could be $10 million dollars-worth of land, and (there could be) some buildings worth a couple hundred-thousand, equipment, and grain.
