All eyes are on the House Ways and Means Committee as they prepare to review the revenue section of the reconciliation package on Tuesday. That’s where tax changes could happen. National Council of Farmer Cooperatives CEO Chuck Conner says it is likely there will be changes to stepped-up basis and the estate tax. “This is something we need to watch and be prepared to fight for,” says Conner. “I think it’s hard for a lot of politicians to grasp the fact that a farmer is sitting on a big asset of land. In reality, the earning power of that asset isn’t that much money.” At the same time, Conner says the House will consider good things for agriculture in the reconciliation package, including more conservation funding.
