By Todd Kemp, Senior Vice President of Marketing and Treasurer
During the NGFA’s 122nd Annual Convention on March 18, the association’s Finance and Administration Committee will host a seminar-type discussion on the new Section 199A that was contained in the Tax Cuts and Jobs Act signed into law last December. The meeting will occur from 1-3 p.m. in the Kierland 2 room of the Westin Kierland Resort & Spa. All convention registrants are welcome to attend.
Paul Neiffer of CliftonLarsonAllen will brief participants on contents and implications of the new law. He will also discuss efforts in Congress to correct what even the Senate sponsors of the provisions have characterized as an unintended consequence. The NGFA has been deeply immersed in working for a fair and balanced solution that will replicate the benefits of the previous Section 199 for cooperatives and producers while re-establishing the competitive balance that existed before passage of the tax bill.
Neiffer is a respected CPA whose client base includes private/independent grain companies, cooperatives, and agricultural producers. Neiffer has been engaged in many of the conversations with stakeholders and congressional staff that will serve as the basis for a solution that is expected to be included in the omnibus spending bill due to be approved by Congress not later than March 23.
Time allowing, Neiffer also will cover other tax changes of importance to the grain, feed and processing industry, including new provisions on immediate depreciation of assets and changed treatment of business interest deductibility.