Farmers and ranchers will benefit from the tax provisions in the One Big Beautiful Bill. “You can start with maintaining of the 2017 tax rates; those are now permanent tax cuts,” said Andy Martin, vice president of legislative and public affairs, AgCountry Farm Credit Services. “The biggest one of probably the estate tax because the exemption was set to revert to the 2017 exemption of around $5 million, which in this day and age is going to impact small and medium-sized farms.” The budget reconciliation bill changed that exemption to a $15 million per-person personal exemption. Other notable provisions in the legislation is the Section 179 exemption, allowing farmers to depreciate equipment in one year. The biofuels business also got a boost from the 45Z energy credits. “It is very important to talk to your accountant, talk to your financial advisor and loan officers because more information will be coming out in the next few months.” Listen to the report.
