A coalition of ag groups has sent a letter to Congressional leaders urging them to protect sound tax policy.
As Congress focuses on investing in the nation’s infrastructure and human resources, the ag groups say some of the legislative proposals could jeopardize the future of family farms and ranches, and they’re asking Congress not to alter or eliminate long-standing tax code provisions that have benefited agriculture and related industries.
The letter highlighted three critically important tax provisions, Stepped-up basis, Like-kind exchanges, and the Section 199A business income deduction.
- Stepped-up basis, a tax provision that allows land and other investments to pass from one generation to the next without capital gains taxation at the time of death.
