Farm Bureau members from Iowa pressed Congress for quick action on tax extenders and country-of-origin labeling last week during a visit to Capitol Hill.
The Iowa farmers also expressed their displeasure with the Environmental Protection Agency’s (EPA) handling of the Renewable Fuels Standard and Clean Water Act during the Iowa Farm Bureau’s National Policy Trip to Washington, D.C.
A number of key farm tax provisions, including Section 179 expensing and bonus depreciation, expired at the end of last year, making it hard for farmers to plan business purchases. Congress waited until December to pass the tax provisions last year and only made them effective for 2014.
"Not knowing what you can depreciate and deduct until the second week of December every year gets to be a little hairy for farmers," said Vernon Knaack, a Woodbury County Farm Bureau member. "Right now, the price of big farm equipment ...