The Minnesota House passed the omnibus tax bill. Representative Paul Marquart says this bill does three things for farmers including an expansion of the beginning farmer program, updates for homestead qualification and fixes to Section 179 depreciation. “Beginning this tax year, farmers could put equipment into operation and deduct 100 percent of the value of that equipment, up to $1 million in the first year. The big question was if you put something into the operation in 2018 and 2019, would you have to depreciate that over five or six years or when 2020 hit, could you depreciate that all at once? We fixed this so in 2020 farmers could depreciate the rest of that.” Marquart says the next steps are to negotiate with the Senate. “The Senate needs to pass their bill and then, the governor and both chamber leadership will put a bill together in conference.”
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