Sep 17, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin

Kansas Gov. Signs Tax Bill Important to Livestock Producers

April 21, 2014

Kansas Gov. Sam Brownback signed into law last week a bill (SB 265) containing tax provisions important to the state’s livestock industry. Language in the bill, supported by KLA through the legislative process, deals with the income tax treatment on sales of breeding stock and a sales tax incentive for new and expanding livestock facilities.

The income tax provision will allow livestock producers to offset capital gains from the sale of breeding livestock, including cull cows, with schedule C, E and F ordinary income losses. This change is applicable starting with the 2013 tax year, but producers will need to wait until after July 1 to file an amended 2013 return.

Also included is a sales tax incentive for the expansion or reconditioning of livestock facilities. If a producer invests at least $50,000 in the construction, upgrade or expansion of a livestock facility after July 1, 2014, purchase of the materials will be exempt from sales tax.

These important provisions of SB 265 will become law July 1, 2014.

Source: Kansas Livestock Association

See Comments

Log In or Sign Up to comment


No comments have been posted



Receive the latest news, information and commentary customized for you. Sign up to receive the AgWeb Daily eNewsletter today!.

Enter Zip Code below to view live local results:
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by|Site Map|Privacy Policy|Terms & Conditions