Lawmakers introduced a bill that could provide a permanent solution to a generational issue.
The NCBA says that it supports the Preserving The Family Farms Act.
The bill would expand the tax code to allow cattle producers to take advantage of the special use valuation. Specifically, it would increase the maximum amount allowed from $750,000 dollars to $11,000,000.
NCBA says that it would protect farmers and ranchers from the devastating impact of the estate tax, commonly referred to as the death tax.
Related:
Change to the tax code could be the death of multi-generational farms
AFBF on legislation to eliminate the estate tax
Estate taxes are threatening America’s family farms