(Posted Fri. Apr 13th, 2012)
Apr. 13: Because the estate tax remains a concern for thousands of farmers around the country, the National Corn Growers Association sent letters this week with more than 30 other agriculture organizations supporting House and Senate legislation that calls for permanent repeal of the so-called “death tax.” Kevin Brady (R-Tex.) introduced legislation in the House of Representatives and John Thune (R-S.D.) introduced companion legislation in the Senate.
“Family farmers and ranchers are not only the caretakers of our nation’s rural lands but they are also small businesses,” the letter states. “The 2013 change to the estate tax law does a disservice to agriculture because we are a land-based, capital-intensive industry with few options for paying estate taxes when they come due. The current state of our economy, coupled with the uncertain nature of estate tax liabilities, makes it difficult for family-owned farms and ranches to make sound business decisions. We urge Congress to pass permanent estate tax reform.”
During Commodity Classic in Nashville, NCGA’s voting delegates passed language stating that, “until the Federal Estate Tax can be repealed, NCGA will aggressively pursue a permanent extension of thefFederal estate tax exemption targeting a $5 million per person exemption, indexed for inflation, allowing for portability and stepped-up basis.”