Soy Growers Urge Congress to Restore Vital Tax Provision

first_imgThe American Soybean Association was one of 34 agricultural organizations to sign a letter to leaders of the U.S. House of Representatives in support of maintaining and making permanent the Section 179 expensing at the $500,000 level. The letter calls on Congress to restore the maximum amount of expensing under Section 179 to $500,000 as it was previously set for 2014. The letter states, “We are concerned that the failure to make permanent Section 179 expensing will place additional burdens on farm and ranch families who are asset-rich and cashpoor and already face an unpredictable tax code that encourages the breakup of multigenerational farm and ranch operations.”The House is expected to pass a bill this week making the $500,000 Section 179 expensing level permanent, rather than a temporary provision that requires annual extension. The House passed a similar bill in 2014, but the provision was ultimately only extended for 2014.  A similar outcome is more likely this year. The Senate indicated its desire to address comprehensive tax reform instead of piece-meal bills relating to tax provisions. However, the prospects for comprehensive tax reform are limited given the differences between Congress and the White House.last_img