President Obama held a public signing ceremony for the tax bill passed by Congress this week that delivers early Christmas presents for everyone, giving farmers and ranchers good reason to be thankful this holiday season.
Securing meaningful estate tax reform for farm and ranch families has been a top priority for the American Farm Bureau Federation. “We commend President Obama and congressional leaders for being committed to securing passage of this tax bill. It offers considerable relief that will help farmers, ranchers and rural communities in these difficult economic times,” said AFBF in a statement.
National Cattlemen’s Beef Association (NCBA) President Steve Foglesong says they are pleased to get the estate tax at 35 percent with a $5 million exemption, at least for two years. “I speak for all cattlemen and women when I express my gratitude to those members of Congress who understand the importance of keeping small businesses, including farmers and ranchers, from receiving a financially devastating death sentence on New Year’s day,” he said.
The National Corn Growers Association is grateful for both the death tax relief and extension of the Volumetric Ethanol Excise Tax Credit. “We are very happy to see the one-year extension of the ethanol blender’s credit and a two year reformed estate tax move,” said NCGA President Bart Schott of North Dakota. “These extensions were among the top priorities for our organization in 2010; failure to renew both would have done much to harm our nation’s rural economy and the future of America’s farms.”
Among those in attendance at the signing today were some 150 members of Congress, administration officials and key stakeholder and advocates who worked to pass the bill, including representatives from the ethanol industry. Renewable Fuels Association president and CEO Bob Dinneen and Growth Energy CEO Tom Buis were both in the audience at the bill signing.
The biodiesel industry is especially pleased with passage of the new bill, which retroactively renews the biodiesel tax credit that expired at the end of 2009. “Reinstatement of this proven incentive helps provide the policy framework needed to meet the nation’s renewable goals, and the NBB sincerely appreciates the bipartisan cooperation and support that made extension of this worthwhile incentive possible,” said Joe Jobe, National Biodiesel Board CEO.