The 2017 Tax Cuts and Jobs Act will expire at the end of 2025. That jeopardizes the estate tax exemption, stepped-up basis and bonus depreciation. The National Cattlemen’s Beef Association surveyed members about the potential change in the tax structure. “If Congress fails to act and the estate tax relief reverts back to that $5 million (exemption) for individuals and $10 million for couples, that is going to hit 61 percent of our producers so that’s huge,” said Kent Bacus, executive director of government affairs, NCBA. With all the pressures facing farm and ranch families as they transition to the next generation, Bacus doesn’t want them punished for their hard work. Bacus said there is a knowledge gap in Congress on this issue with less than half of the members still in Congress from when the tax cuts were made in 2017.
