Section 179 conformity not dead yet for Minnesota farmers
The 2020 Minnesota Legislative Session has ended with a major priority for several state ag groups left on the table.
But House Ag and Food, Finance and Policy division chair Jeanne Poppe says there’s still a chance for Section 179 conformity this year.
“If the Governor calls us back into a special session, we absolutely could be doing a bonding bill and a tax bill.”
She tells Brownfield Section 179 could then be addressed, with support for a like-kind approach being championed by House Tax Committee chair Paul Marquart.
“So it might not be as much as full conformity, but it would at least be able to make things right within this last year.”
Poppe says the plan would cost less and still help farmers.
The Minnesota Corn and Soybean Growers, as well as the Pork Producers and State Cattlemen’s Association, have told Brownfield moving the state’s Section 179 expense cap from $25,000 to the federal limit of $1 million is at or near the top of their legislative priority lists.