Tax Priorities, Farm Bill Provisions Included In One Big Beautiful Bill

President Donald Trump signed the One Big Beautiful Bill into law July 4. The bill encompasses all of NCBA’s tax priorities and numerous farm bill provisions.

Tax priorities

• Death tax: The bill increases the death tax exemption to $15 million per individual or $30 million per couple, adjusted annually for inflation. This means if the value of a farm or ranch plus equipment, cattle and other assets is less than $15 million individually or $30 million as a couple, the producer will pay no death tax. NCBA supports fully eliminating the death tax, but until then, this increased threshold is a huge victory for protecting more family farms and ranches than ever before.