News
Fix apparently underway for Sec 199A in tax reform law
A problem with the changes to the Section 199A program in the new federal tax reform bill have come to light. Greg Ibach, USDA’s undersecretary for marketing says there are unintended consequences of the language in the bill that would “disadvantage” independent operators.
Chuck Connor, head of the National Association of Farmer Cooperatives says they are working with stakeholders, including co-ops and non-cooperative-owned agribusinesses. Connor says they are also working with Senators Hoeven, Thune and Roberts to come up with a fix.
Undersecretary Ibach applauds Congress for recognizing the problem and moving to correct it. He says “federal tax code should not pick winners and losers in the marketplace” and USDA stands ready to assist in any way.
The 199A Section fix is a good news.