Financial Reform Legislation Supported By AFBF

House is being urged to pass bill to reinstate tax provisions.

Published on: May 25, 2010

Important tax provisions for farmers and rural America are included in legislation the House is expected to vote on this week and the American Farm Bureau Federation is urging the House to pass it.  Farm Bureau sent a letter to the House Monday calling for prompt passage of the American Jobs and Closing Tax Loopholes Act to reinstate tax provisions that expired in 2009. AFBF President Bob Stallman says the bill includes several provisions important to farmers and ranchers.

The biodiesel tax credit is among those provisions. Stallman points to those incentives as vital for the development and expansion of renewable energy in the U.S. He notes clean, renewable, domestic energy is helping achieve economic growth, create a cleaner environment and shield the U.S. economy from unreliable foreign energy sources. He says farmers and ranchers are playing a bigger role in supplying the nation with the energy it needs through the production of ag-based renewable energy resources.

According to Stallman tax provisions that provide incentives to upgrade operations, donate food and preserve farmland are also key elements in the bill for rural America. He says Farm Bureau supports extension of the standard deduction for state and local real property taxes and the deduction of state and local sales taxes.

"Most farmers and ranchers pay taxes as individuals," Stallman said. "Which means that individual tax rates and deductions have a huge impact on the amount of after-tax income that they have."