In this file:

 

·         AFBF Happy with New Bill to Help Preserve the Family Farms in the U.S.

·         NCBA's Jennifer Houston Happy with Legislation to Preserve Family Farms Introduced in Congress

 

 

AFBF Happy with New Bill to Help Preserve the Family Farms in the U.S.

 

Source: American Farm Bureau Federation

via Oklahoma Farm Report - 22 Nov 2019

 

A bill introduced today to help more farm families continue their livelihoods after the death of a loved one has the full support of the American Farm Bureau Federation. The Preserving Family Farms Act of 2019 is sponsored by Reps. Jimmy Panetta (D-Calif.) and Jackie Warlorski (R-Ind.).

 

“Farm and ranch families often face a significant financial burden when they have to pay estate taxes,” said AFBF President Zippy Duvall. “Farm families should be able to pay based on how their land is actually used, rather than its potential value as commercial property such as a shopping center. AFBF commends Representatives Panetta and Warlorski for introducing the Preserving Family Farms Act of 2019, which will give more families hope they can hold on to the farm when a loved one passes. We strongly urge House members to co-sponsor this important bill.”

 

The legislation modernizes the special use valuation provision of the estate tax...

 

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http://www.oklahomafarmreport.com/wire/news/2019/11/04053_AFBFNewBill11222019_154824.php

 

 

NCBA's Jennifer Houston Happy with Legislation to Preserve Family Farms Introduced in Congress

 

Source: National Cattlemen's Beef Association

via Oklahoma Farm Report - 22 Nov 2019

 

The National Cattlemen’s Beef Association (NCBA) today announced its strong support for the “Preserving Family Farms Act of 2019.” Introduced by U.S. Representatives Jimmy Panetta (D - 20th Dist. - Calif.) and Jackie Walorski (R - 2nd Dist. - Ind.), this important bipartisan legislation would expand IRS Code Section 2032A to allow more ranchers and farmers to take advantage of the special use valuation and protect family-owned businesses from the devastating impact of the death tax.

 

NCBA President Jennifer Houston said that ranchers and farmers are very appreciative of the death tax relief that was passed as part of the Tax Cuts and Jobs Act of 2017 (TCJA), but that many cattle producers are either still vulnerable to the death tax or will be vulnerable when the TCJA exemption limits revert back in 2026.

 

“America’s beef producers should never be forced to sell any of their family’s farm, ranch or business due to a death of a family member,” Houston said. “NCBA is committed to the fight to defend family ranches and farms and has long advocated for sound policies that will preserve family-owned beef operations for generations to come. I applaud Representatives Panetta and Walorski for their leadership and dedication to protecting future generations of agricultural producers who seek to preserve a multigenerational legacy by maintaining a family-owned business.”

 

In the Tax Reform Act of 1976, Congress recognized...

 

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http://www.oklahomafarmreport.com/wire/news/2019/11/04055_NCBANewBill11222019_155329.php