News

Tax plan up for vote

A final tax bill will be up for vote Monday as the U.S. House and Senate came to agreement this week on the final package.

It includes a new 20-percent deduction for pass-through income for farmers and small business owners, slightly less than the Senate’s bill.

The plan sets a top rate individual tax of 37 percent, which is the rate for most farms, and a corporate tax rate of 21 percent.

Lawmakers decided to double the estate tax exemption which was part of the Senate bill rather than the House’s version which would have repealed it.

The Section 199 details in the conference bill are unclear as to how it will impact farmers and cooperatives.