Proposed tax changes are in many headlines lately. It’s important for farmers to keep an eye on this information and its potential implications for them and their farm business.
Recently, National Corn Growers Association (NCGA), of which Texas Corn Producers (TCP) is an affiliate, hosted an informational webinar diving into some of the questions farmers have surrounding these legislative tax proposals and potential impacts. The experts at, KCoe Isom, a Texas Corn Producers Association sponsor, presented Tax Reform Watch 2021: News and Perspective on Tax Planning and Priorities.
The food and agriculture consulting and accounting firm advisors Brian Kuehl, principal; Jim Rein, principal; and Beth Swanson, senior associate led the discussion, which was opened by NCGA Public Policy Director for Risk Management and Tax Wayne Stoskopf.
“The National Corn Growers Association partnered with KCoe Isom during the 2017 tax reform, and we asked them to help growers fill in the gaps and answer some tough questions surrounding the release of President Biden’s American Families Plan,” said Stoskopf.
TCP encourages farmers to stay informed on any tax changes, and be in touch with whomever handles their taxes and finances to ensure they are aware of any necessary steps that need to be made to best prepare their farm business for any changes. Those who missed the recent KCoe Isom presentation may may view the webinar HERE and can access the slide deck HERE.
TCP is actively monitoring tax developments and potential impacts to farmers as it progresses through legislation. NCGA recently joined 40 agricultural organizations in a letter to Congressional leaders outlining key tax priorities, including protecting current estate tax exemptions and preserving the step-up in basis for capital gains. TCP was pleased to see U.S. House Agriculture Committee Chairman David Scott (D-GA) send a letter to President Biden expressing his concerns to proposed changes in tax policy that would eliminate the stepped-up basis provisions used by farmers, as well.