Farmers are looking at the incoming Administration to restore key tax credits set to end next year. USDA’s Research Arm says they are worth billions of dollars.
“Across all farm households, tax liabilities are expected to increase, on average, 22 hundred dollars or 12 percent from the expiration of these specific provisions. We estimated that the impact of these expiring federal income tax provisions would increase tax liabilities by almost $9 billion. And then, the expiring estate tax exemption would increase estate tax liabilities by almost $650 million,” said Tia McDonald.
It is up to the Trump Administration how they want to handle these credits. However, economists arn that given the budget and poor state of the farm economy, Congress will likely have to pick and choose which provisions to extend.
