Congress has yet to deal with tax extender’s legislation that includes several provisions important to farmers and ranchers. There is talk on Capitol Hill that measure could get pushed into early next year. Nebraska Farm Bureau National Affairs Coordinator Jordan Dux says two of the most important parts of the bill are Section 179 and bonus depreciation measures.
Dux says the other two critical components of the legislation for agriculture are tax credits for biodiesel and wind energy projects. He says those programs have expired and been renewed for one year intervals. Dux says long term relief is really needed.
Dux says while most members of Congress support the tax extender’s legislation it keeps getting bogged down and delayed.
There is support in the Senate Finance committee for getting the tax extenders legislation passed yet this year. Iowa’s Chuck Grassley would like to see that happen rather than having it delayed into 2015.