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Indiana Ag News Headlines
Preserving Family Farms Act: Permanent Solution to Generational Issue
Indiana Ag Connection - 04/12/2021

The Preserving Family Farms Act of 2021 was introduced by U.S. Representatives Jimmy Panetta (CA-20) and Jackie Walorski (IN-2). Missouri Cattlemen's Association has long supported efforts to reduce undue tax burden on farmers and ranchers. This bipartisan legislation to expand IRS Code Section 2032A would allow cattle producers to take advantage of the Special Use Valuation and protect family-owned businesses from the devastating impact of the federal estate tax, commonly referred to as the Death Tax.

"We want a simpler tax code so our members can spend less dollars on accountants and tax attorneys and more money on their family business and local community. We want to see the death tax slaughtered," said Mike Deering, MCA executive vice president. "We appreciate the representative' time and dedication to protecting future generations of producers with this legislation."

The Preserving Family Farms Act increases the maximum amount allowed under the Section 2032A exemption from $750,000 to $11 million (indexed for inflation), thus reviving a critically important tool in the toolbox for farm and ranch families across the U.S. If enacted, this legislation will provide a permanent solution to an issue that has long plagued our nation's cattle producers.

"America's farmers and ranchers deserve certainty in the tax code overall, and they need certainty especially when it comes to the estate tax. Without it, transition planning for the next generation of producers is nearly impossible," said Jerry Bohn, NCBA president.


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