A new report commissioned by the National Corn Growers Association (NCGA) says any changes in stepped-up basis tax policy increases the tax burden on family farms.
NCGA Director of Public Policy Wayne Stoskopt tells Brownfield the impacts on producers are hard to gauge because the policy lacks details and specific information. “There’s a difference between how farms are structured given family business or regional differences and trying to learn as much as possible and demonstrate the impact is something that we need a lot of growers to be pretty transparent how the proposal may impact their operation.”
The study from NCGA’s Risk Management and Transportation Action Team and tax policy experts KCOE ISOM is broken into seven sections including the impact on agriculture with case study examples, an explanation of the administration’s proposal, and a history of step up in basis.
