Seventeen Republican House and Senate members and twelve Democrats are working for resolution of a tax reform bill to get to a final bill that can be passed on to President Trump. Pat Wolff, Senior Director of Congressional Relations at American Farm Bureau says the goal of tax reform is to get tax rates down and keep the important business deductions that farmers use in dealing with the uncertainties and variables inherent with agriculture.
Wolff told HAT some things are already known as the conference committee begins work.
“Farmers will be able to continue using important deductions and credits,” she said. “They’ll be able to deduct their business interest, their property taxes. They’ll be able to use cash accounting. Those things are in both the House and Senate bills. What we don’t know is what the final tax rates will look like. We know they’re going down, we just don’t know how much, and we don’t know how things are going to end up with the estate tax. So, a lot of important things are decided, but there are still a few out there that are being negotiated.”
Wolff updated Indiana Farm Bureau members on the bill Saturday at the annual state convention. She said Farm Bureau expects a negotiated bill to pass.
“We don’t need every Republican to vote for this bill,” she explained. “We need enough Republicans to vote for this bill to pass, and that means a simple majority in both the House and Senate. In the Senate there is a very slim margin, but the Senate did pass the bill once, and we think they will pass the final version.”
Wolff said the bill will reduce the amount of money farmers send to Washington as taxes. That’s a good thing since they will have more money to invest in their farming business.