NGFA joined 33 other agriculture groups to urge Senate leaders to take up the Tax Relief for American Families and Workers Act, which includes provisions for business expenses and bonus depreciation.
“Producers and businesses throughout the food and agriculture industry are facing tax increases today and cannot wait a year or more for relief,” the groups noted in an April 8 letter to Senate Majority Leader Chuck Schumer, D-N.Y., and Minority Leader Mitch McConnell, R-Ky.
H.R. 7024, the Tax Relief for American Families and Workers Act passed the House of Representatives with broad bipartisan support and is awaiting action in the Senate.
Farmers, ranchers and agricultural businesses are facing a series of tax increases as provisions in the Tax Cuts and Jobs Act (TCJA) have either already expired or are set to expire at the end of 2025, the groups noted.
“In the interim, we must immediately restore the already expired and slimmed-down business provisions to help these families and to stimulate economic growth,” the groups stated.