The U.S. House of Representatives voted 378-46 Wednesday night to approve HR 5771, which reinstates a host of tax incentives for 2014, setting up a potential Senate vote in the coming days. The package includes items important to farmers and ranchers such as Section 179 and the biodiesel tax credit, but agricultural interests would like a more long-term solution.
“Farmers and ranchers rely on tax provisions that give them the flexibility they need to invest in their businesses and boost their local economies,” said American Farm Bureau Federation President Bob Stallman. “We are glad to have these temporary extensions, but we know these issues will come up again. We still need a long-term solution so small businesses can have the certainty they need to plan for the future.”
American Soybean Association president and Iowa farmer Ray Gaesser echoed that sentiment.
“ASA first and foremost supports a long-term extension of several of the items included in (Wednesday’s) short-term fix,” said Gaesser. “These initiatives include the dollar-per-gallon biodiesel tax credit, expensing for farm equipment and infrastructure under the Section 179 expensing provision, and bonus depreciation on farm assets. Such an approach provides greater certainty and a more stable climate for the farmers and producers who make use of these programs, and we were very disappointed that agreement was not reached on a broader measure.”