NCBA plans to be involved in tax debate
The National Cattlemen’s Beef Association said today that it plans to be involved in President Biden’s plans to change the tax code “to raise approximately $1.5 trillion in revenue over the next 10 years.
“Preserving long-standing tax provisions such as stepped-up basis and like-kind exchanges is critical when considering the financial viability of farms and ranches, as well as the ability for the next generation of producers to carry on the family business and conserve the land that has been in their family for generations,” Danielle Beck, NCBA senior executive director of government affairs, said in a news release.
The American Families Plan would repeal the deferral of gain for real estate like-kind exchanges for gains greater than $500,000 and eliminate stepped-up basis for gains in excess of $1 million ($2.5 million per couple “when combined with existing real estate exemptions”) and tax said gains on any property not donated to charity, NCBA said. According to the plan, the reform will be designed “with protections so that family-owned businesses and farms will not have to pay taxes when given to heirs who continue to run the business,” NCBA added.
“When considering how to offset the cost of a comprehensive infrastructure package, it is essential that Congress preserve sound tax policies for family-owned agricultural operations. We are committed to holding members of Congress accountable for legislation that will not adversely impact the viability of farm and ranch businesses, or the next generation’s ability to continue to sustainably produce an abundant food supply,” Beck said.
“To be clear, we firmly believe that it would be irresponsible to pay for an infrastructure bill on the backs of farmers and ranchers and with that, counterintuitive with this administration’s conservation agenda. These provisions in the tax code are a determining factor in whether farmers and ranchers access to land is maintained for generations to come, or if that land is fragmented and further threatened by conversion and development, or paved over outright for strip malls and shopping centers,” Beck continued.
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