The House is expected leave for the August recess before passing tax reform legislation. Farmers and Ranchers are hoping they pass legislation this year although it’s important they do it right rather than quickly. That’s according to South Dakota Farm Bureau President Scott VanderWal. He says it would have helped had Congress passed health reform first.

He says several components need to be in the tax reform measure including addressing of stepped basis, a repeal of the estate tax and a more simplified tax system.

VanderWal says its critical stepped up basis is addressed because without it, it makes it difficult to pass down the farm or ranch to the next generation.

VanderWal says lawmakers were hoping to reform taxes by making the legislation revenue neutral. He says however that may be difficult now that the border adjustment tax has been taken out of the discussion and there’s been no movement on health care reform.