By Andi Anderson
The American Farm Bureau Federation (AFBF) and a coalition of agricultural groups are urging the Senate to swiftly pass the Tax Relief for American Families and Workers Act, which recently gained bipartisan support and passed in the House of Representatives. With critical provisions for the agricultural industry at stake, AFBF Government Affairs Director Dustin Sherer emphasizes the urgent need for action.
Sherer emphasizes the timeliness of the legislation, stressing that waiting until 2025 is not an option for the agricultural community. Provisions such as Section 179 expensing and bonus depreciation are vital for farmers and ranchers to manage their tax liabilities and invest in their businesses effectively. As bonus depreciation phases down and limitations on tax planning tools like 1031 exchanges loom, farmers face increased tax burdens and diminished ability to reinvest in their operations.
To advocate for the bill's passage, Sherer encourages farmers and ranchers to reach out to their Senators and urge them to prioritize the Tax Relief for American Families and Workers Act. Whether through email or phone calls, grassroots engagement can pressure Senate leadership to bring the bill to the floor for consideration.
The urgency of the situation demands immediate action, as delaying until 2025 would exacerbate financial challenges for agricultural producers. By mobilizing their voices and engaging with lawmakers, farmers can ensure that their concerns are heard and addressed in a timely manner.
For more information on the Tax Relief for American Families and Workers Act and how to engage with lawmakers, visit the American Farm Bureau Federation's website at fb.org.
Photo Credit: American Farm Bureau Federation
Categories: Indiana, Government & Policy