In The News

May 11, 2021

NCGA Joins Agricultural Tax Priorities Letter to Congress

Key Issues: Farm Policy

Author: Wayne Stoskopf

This week, the National Corn Growers Association (NCGA) joined 39 agricultural organizations in a letter to Congressional leaders outlining key tax priorities including protecting current estate tax exemptions and preserving the step-up in basis for capital gains.   The letter comes just after President Biden proposed the American Families Plan, the second part of the President Build Back Better Plan. The plan includes over $1 trillion in new investments throughout the economy and $800 billion in tax cuts.   The $1.8 trillion plan proposes paying for the investments and tax cuts through reforms to the tax code, including ending the step-up of basis for capital gains more than $1 million ($2 million per couple). According to the White House, “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.”   The Administration is expected to continue to release more details...

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