House Ag Chairman concerned about proposed changes to tax provisions
The Chairman of the House Ag Committee is pushing back on President Biden’s proposed changes to tax provisions. In a letter to the President, Representative David Scott of Georgia says the proposed changes could hurt family farmers, ranchers, and small businesses.
He says the step-up in basis provision is a critical tool that allows family farms to be passed onto the next generation. And he says any increase in inheritance tax for those taking over farmland is unsustainable and would further strain the farm economy that continues its recovery from the pandemic. Scott says allowing the exemptions to delay the tax liability would only result in further consolidation in farmland ownership, making it even more difficult for young, beginning, and socially disadvantaged farmers from farming.
He says he applauds the programs proposed in the American Jobs Plan and American Families Plan, but the brunt of paying for them cannot be on the next generation of farmers taking over the land.
National Corn Growers Association president John Linder of Ohio says they’re appreciative of Chairman Scott’s leadership on preserving the stepped-up basis protections in the tax code for America’s corn farmers and they are prepared to defend our farms and families from harmful taxation.
Scott says he looks forward to working alongside the administration as negotiations continue.