The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
Dave Camp, the chairman of the House Ways and Means Committee issued another tax reform proposal today. Since this is a mid-term election year, it has little chance of passing this year, but it is important to note possible changes that Congress is pondering. The major ones affecting farmers are as follows:
There are hundreds of other provisions in the proposal. Most of the current credits, etc. are eliminated in exchange for the reduction in individual and corporate rates. On the whole, parts of the proposal would help farmers and parts would hurt. There is no chance of the proposal as is passing, however, many of these proposals are similar to the Senate or President Obama's tax reform initiatives and there is a good chance that tax reform will occur over the next few years, but who knows what the final bill will be.
We will keep you posted.
Here is a link to the Section-by-Section Summary of the Tax Reform Act of 2014 Discussion Draft.