Articles tagged under: stepped-up basis
Aggies Concerned About Tax Proposals
Published September 9, 2021
Nearly 300 farm groups have sent a joint letter to congressional leadership, voicing concern about the tax policies in the budget reconciliation bill. The letter says changes to stepped-up basis and estate taxes put family-owned farms at risk. In addition…Vilsack: Biden’s Tax Changes Won’t Hurt Family Farmers
Published September 9, 2021
In an opinion piece in the Wall Street Journal, Agriculture Secretary Tom Vilsack said the proposed tax law changes will not hurt family farmers. Vilsack said there are special protections built into the plan for family businesses, including a $2.5…Smith: Stepped-Up Basis Proposal Will Not Impact Family Farms
Published August 30, 2021
There have been questions about the treatment of stepped-up basis in the budget reconciliation bill. Minnesota Senator Tina Smith said this provision will not impact farmers who operating their own land or renting it out. "I understand why farmers are…Facing the Loss of Stepped-Up Basis
Published July 22, 2021
North Dakota Senator John Hoeven went to the Senate floor Wednesday, outlining his opposition to the White House’s tax proposal. Hoeven cited the administration’s plan to eliminate stepped-up basis for farmers and ranchers. "Under current law when passing down a…Scott: Tax Proposal May Lead to More Consolidation
Published June 3, 2021
House Agriculture Committee Chairman David Scott is voicing concern about proposed tax changes that would impact farmers, ranchers and small businesses. In a letter to President Biden, Scott cited stepped-up basis and capital gains. Scott said this tax change could…Details Sought on Tax Proposal’s Impact on Agriculture
Published May 26, 2021
North Dakota Senator John Hoeven, Agriculture Committee Ranking Member John Boozman and six of their Republican colleagues are asking Agriculture Secretary Tom Vilsack to explain the Biden Administration’s proposed tax policy and its impact on capital gains tax rates and…Tax Proposals Seen as a Threat
Published May 12, 2021
A coalition of more than 40 farm groups is voicing concern about President Biden’s tax proposal. In a letter to congressional leadership, these groups emphasized the need for the current estate tax exclusion limits and stepped-up basis. A continuation of…Proposed Tax Changes May Negatively Impact Farmers
Published April 30, 2021
The American Families Plan includes updates to stepped-up basis and higher capital gains taxes. While USDA clarified farmers and family-owned businesses would be exempt from tax changes, agriculture groups are concerned. "We've had programs that exempted family-owned businesses before, but…USDA Defends American Families Plan
Published April 29, 2021
USDA has released a statement, touting the benefits of the Biden Administration’s American Families Plan. This plan calls for the elimination of stepped-up basis. However, the Agriculture Department said this change won’t affect family farmers if the farm stays in…