The president of the Missouri Corn Growers Association says any attempt to remove the tax-free stepped up basis in the Biden administration budget proposal must be stopped.
Ag Secretary Vilsack says the proposed changes – as determined by the USDA Economic Research Service – would only impact about two-percent of farms while a Texas A&M study says essentially the opposite.
Jay Schutte tells Brownfield Ag News, “I’d be more inclined to agree with Texas A&M.”
Schutte says the administration is talking about lowering the limit to around $3 Million dollars for the deduction on the inheritance tax, “But it does not take a lot of land to get up to that $3Million plus some equipment and so forth.
