The National Farmers Union has submitted comments on the Internal Revenue Service’s proposed rule that would take away an estate tax break for farmers and ranchers. Nebraska Farmers Union President John Hansen says without the IRS proposed change it’s easier for producers to pass their operations on to the next generation.
He says with the IRS getting rid of the tax break in their proposed rule it puts more pressure on landowners passing their operations on because the people their passing it to are being adversely impacted by rising ag land values.
Hansen says the overall estate tax needs to be kept in place, but with the limits raised.
Hansen encourages producers to comment on the proposed IRS rule.