Ag bankers, farmers, and ranchers are pushing for the passage of the ACRE Act.
It could make lending cheaper for producers, a move the American Bankers Association says would have a big, positive impact across the economy.
“It’s a tax bill. So, in the context of agriculture, we always think Farm Bill right? But in reality, there are a lot of taxes that affect agriculture, the ACRE Act being one of those pieces of legislation that would change the tax code. So, to break it down, what it will do is it’ll change the tax code around agricultural farm real estate lending, rural housing, aquaculture, and fishery,” said Ed Elfman.
Elfman says the ACRE Act would allow farmers and ranchers to take advantage of cheaper borrowing rates. He says it is an idea that has been around for decades but never got much traction. Kansas Senator Roger Marshall helped author the bill, and he calls it “common sense legislation” that could reverse years of downward trends.
RFD-TV tax expert Roger McEowen discusses the renewed tax provision and how cattle producers can take advantage of it to recover investments in heifer retention and herd expansion more quickly.
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U.S. Senator Roger Marshall (R-KS) shares his perspective on the U.S.-China trade developments and their potential impact on American producers, farmers, and ranchers.
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