Friday, the U.S. Senate passed their fiscal year 2018 budget legislation. That measure now must be reconciled with the House bill passed earlier. National Cattlemen’s Beef Association Vice President of Government Affairs Colin Woodall is pleased with the passage and says that should pave the way for tax reform which his group supports.

He says the two major provisions that need to be in the tax reform legislation include elimination of the estate tax and providing for stepped up basis.

Woodall says the tax measure needs to provide for cash accounting for farmers and ranchers and to allow to deduct interest expenses as well as make the 1031 lifetime exchange program available for producers.

Woodall says it’s critical Congress get that tax reform measure approved before next summer when the 2018 political season begins and lawmakers are focused on elections.