The Internal Revenue Service issued its final rule on the so-called ‘grain glitch.’ This deals with the way farm income from co-ops are handled for taxes. American Crystal Sugar Company Director of Government Affairs Kevin Price says the rule is satisfactory for the sugar cooperative. “However, we are aware other cooperatives have concerns the rule doesn’t properly reflect the tax treatment in place prior to the 2017 Tax Cuts and Jobs Act.” Price says American Crystal supports the National Council of Farmer Cooperative’s efforts to have the rule work for all. This may not be the end of the Section 199A discussion. “It’s not entirely clear yet and we’ll continue to monitor any developments on this issue.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.