The start of 2015 brought with it the expiration of many temporary tax provisions important to farmers and ranchers. Prompt congressional action is needed to reinstate and make permanent these policies, which improve the economic viability and stability of food, fiber and fuel production. Section 179 small business expensing and bonus depreciation are two important tax provisions that need to be reinstated immediately.Farmers and ranchers are urged to take action now by contacting their members of Congress to let them know these tax tools are helpful when making business purchases while also coping with uncontrollable weather and unpredictable markets that affect farm profitability. Tax provisions that accelerate expensing also help farmers and ranchers better manage cash flow, minimize tax liabilities and reduce borrowing needs.
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