Farms.com Home   Ag Industry News

Immediate senate action sought for farm tax relief

By Farms.com

A diverse coalition of farm groups is pressuring the Senate to approve the Tax Relief for American Families and Workers Act swiftly. This legislation, which has garnered bipartisan support in the House, is deemed essential for the agricultural community, particularly for its tax-related benefits that facilitate farm operations and investments.

Central to the coalition's advocacy are tax provisions like Section 179 expensing and the mitigation of the bonus depreciation phase-down. These elements are crucial for farmers, allowing for strategic investments in equipment that lead to more efficient, resilient, and sustainable farming practices.  

The current trajectory of phasing down bonus depreciation and the challenges surrounding 1031 exchanges are causing financial strain, increasing tax burdens, and hindering the ability to reinvest in agricultural businesses. 

The urgency conveyed by the agricultural coalition underscores the immediate need for legislative action, stressing that delays until 2025 would detrimentally impact the farming community. The call to action includes urging farmers and ranchers to engage with their Senators, advocating for the bill's passage or the negotiation of a compromise that addresses the pressing needs of the agricultural sector.

The agricultural community's push for this legislation highlights a collective effort to ensure the sustainability and growth of farming operations across the country. By facilitating tax relief and supporting investment in the sector, the coalition aims to secure a vibrant future for agriculture, ensuring it continues to play a critical role in feeding the nation and contributing to its economic well-being.


Trending Video

U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!