Key tax provisions for agriculture may be extended in 2014

Several important farm tax provisions are among dozens of tax credits and business deductions expiring at the end of the year, but they may get new life next year, Iowa Sen. Chuck Grassley said last week.

The expiring credits include Section 179 expensing and bonus depreciation, which are often used by farmers to offset income with new equipment purchases.

Efforts to completely overhaul the tax code put extension of more than 50 provisions on the back burner, Grassley said. However, he told reporters that...

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