NCBA Stands Ready to Fight for Sound Tax Policy

.
.
(.)

In his American Families Plan, President Biden targets several provisions of the tax code to raise approximately $1.5 trillion in revenue over the next 10 years. The National Cattlemen's Beef Association (NCBA) has long advocated for sound tax policy for rural America.

"Family-owned cattle operations, no matter the size, are the backbone and economic drivers of rural economies across the U.S. 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," said Danielle Beck, NCBA Senior Executive Director of Government Affairs.

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. 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.”

“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. 

NCBA stands ready to work on both sides of the aisle to ensure that Members of Congress understand the needs of cattle producers in regard to tax policy. We are looking forward to continued conversations with lawmakers through extensive grassroots engagement.

 

Latest News

AFIA Objects to EPA’s Draft Risk Evaluation of Formaldehyde
AFIA Objects to EPA’s Draft Risk Evaluation of Formaldehyde

The American Feed Industry Association says formaldehyde has been "safely used in the U.S. animal food industry for over 40 years via accurate automated equipment."

Power of Meat Reports Strong Meat Consumption, Evolving Consumer Trends
Power of Meat Reports Strong Meat Consumption, Evolving Consumer Trends

The Meat Institute and FMI-The Food Industry Association released the 19th annual Power of Meat report.

Cattle Imports from Mexico
Cattle Imports from Mexico

Mexico has become one of the major beef import sources for the U.S. as beef trade evolved from simply supplementing deficit beef production in Mexico to bilateral, product specific trade between the two countries.

Markets: Cash Cattle Markets Nearing Historic Highs
Markets: Cash Cattle Markets Nearing Historic Highs

All classes of cattle sold at higher prices for the week and most are at or near record highs. Supplies of all classes remain extremely tight.

International Genetic Solutions Debuts New Informational Resource
International Genetic Solutions Debuts New Informational Resource

International Genetic Solutions (IGS) recently unveiled a new information resource and video platform for important beef industry topics pertinent to producers’ bottom lines.

Sage_Grouse_Booming
Ranchers Urge BLM to Incorporate Latest Science in New Sage Grouse Plans

NCBA and PLC are requesting that BLM significantly extend the comment period deadlines while ranchers and other local stakeholders evaluate these lengthy proposals.