With the year quickly coming to end, farmers and ranchers continue to ask Congress to reinstate and make permanent a number of expired tax provisions that help improve the economic viability and stability of food, fiber and fuel production. Among those provisions are section 179 small business expensing and bonus depreciation, which farmers need to help them make business purchases while dealing with uncontrollable weather and unpredictable markets that farm profitability.
Earlier this fall, Farm Bureau and more than 2,000 other companies and organizations sent a letter to lawmakers explaining why continuing these provisions, most of which expired at the end of 2014, is so important.
“Failure to extend these provisions is a tax increase,” the groups wrote. “It will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace. Acting promptly on this matter will provide important predictability necessary for economic growth.”
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