The House recently passed the $2 trillion dollar COVID-19 relief package. While the bill does not include any direct payments to farmers, it does contain some provisions impacting ag producers.
Ag accounting expert Paul Neiffer speaks with RFD-TV’s own Janet Adkison on what farmers need to know.
“There really is no direct payments like there was a couple months ago... this is really more on the tax side. Farmers in 2021 are going to be able to increase their child tax credit if they have kids under age 17... There is also going to be a fairly large increase on the credit that they can claim related to childcare expenses... what I also appreciate is that the employee retention credit... they’ve actually expanded it to make it also effective for the third and fourth quarters,” Neiffer explains.
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