House Passes Tax Fix Bill

Dec 04, 2014

The House pushed through a last-minute measure Wednesday to extend a massive package of expired tax breaksfor banks, investment firms, commuters and NASCAR track owners. The bill would enable millions of businesses and individuals to claim the tax breaks on their 2014 returns. It would add nearly $42 billion to the budget deficit over the next decade.

The more than 50 tax breaks benefit big corporations and small businesses, as well as teachers and people who live in states without a state income tax. More narrow provisions include tax breaks for filmmakers, racehorse owners and rum producers in Puerto Rico and the Virgin Islands.

The American Soybean Association (ASA) expressed both its appreciation for a fix in the near term, and disappointment in the absence of a longer-term solution. ASA President and Iowa farmer Ray Gaesser used the opportunity to call on Congress to redouble its efforts to pass a longer-term tax extenders package. “ASA first and foremost supports a long-term extension of several of the items included in today’s short-term fix. These initiatives include the dollar-per-gallon biodiesel tax credit, expensing for farm equipment and infrastructure under the Section 179 expensing provision, and bonus depreciation on farm assets. Such an approach provides greater certainty and a more stable climate for the farmers and producers who make use of these programs, and we were very disappointed that agreement was not reached on a broader measure.

That said, we support the House’s passage of their short-term extension in the absence of a more permanent solution. While it remains only a stopgap measure, we hope that the Senate will take up and pass it quickly. At that point, we urge both chambers to join together and tackle the work of extending these critical tax incentives for the long term.”

The American Farm Bureau Federation said in a statement late Wednesday, “Farmers and ranchers rely on tax provisions that give them the flexibility they need to invest in their businesses and boost their local economies. Farm Bureau is pleased the House has acted to extend several key tax provisions this year. We urge Congress to bring a tax extender package to completion before the year’s end.

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Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.