Mike Johanns: Tax Court Rules Innovations in Livestock Production Qualify for R&D Tax Credit

Alliant Chairman of Agriculture and former U.S. Ag Secretary Mike Johanns explains the R&D Tax Credit, the recent Tax Court ruling, and ways livestock producers and agribusinesses can qualify.

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OMAHA, NEB. (RFD NEWS) — A recent U.S. Tax Court ruling confirms that innovations in livestock production do qualify for the Research and Development (R&D) Tax Credit, opening the door for more producers to take advantage of the long-standing incentive.

U.S. Secretary of Agriculture under President George W. Bush and former Nebraska lawmaker Mike Johanns, who now serves as Alliant’s Chairman of Agriculture, joined us on Friday’s Market Day Report to discuss what he has described as a watershed moment for agriculture.

In his interview with RFD NEWS, Johanns explains how the ruling applies to livestock production, common practices that may qualify for the R&D credit, what producers should know about eligibility, and whether it extends across the industry.

Johanns also outlines the potential benefits for livestock producers, including the types of benefits they could receive by claiming the credit. He also addresses whether the incentive can be redeemed this tax season, how farmers can claim it, and offers advice for farmers and agribusinesses, livestock or otherwise, as they consider pursuing the R&D credit.

Before wrapping up, Johanns reflects on the current state of the agricultural economy and shares what he views as key issues across the agriculture industry today. in the industry today.

To learn more about the R&D Tax Credit, visit: https://www.alliantgroup.com/industries/agriculture/

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Marion is a digital content manager for RFD News and FarmHER + RanchHER. She started working for Rural Media Group in May 2022, bringing a decade of digital experience in broadcast media and some cooking experience to the team.

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