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Third Session could be the charm for Section 179 in Minnesota
A second special session could yield a big win for Minnesota farmers.
House Ag and Food, Finance and Policy Division chair Jeanne Poppe tells Brownfield there’s bipartisan support for a bonding bill that features several tax provisions, including full Section 179 conformity.
“That allows us to get to the point where we’ve got Senate Republicans and House Democrats on board.”
She says the current proposal is full conformity with the federal cap of $1 million going forward, and a retroactive like-kind exchange.
“For maybe the last two years, I believe. The cost is significant, but actually right now is a good time to be able to do it.”
Governor Walz tells Brownfield he’s confident the bill will make it to his desk.
“This was something I supported last year (because) I think it makes good sense. I think it’s a good tax policy, and I think because of that there’s some really strong bipartisan support. And I do think that one will get over the finish line.”
The House is expected to vote on the bonding bill that includes the Section 179 amendment on Monday.
Rep. Poppe interview:
Gov. Walz interview:
