Drought Relief Measure Passes in House

Ranchers forced to reduce herd size due to historically-severe drought conditions will be protected from paying taxes if the Ranchers Help Act is passed in the Senate. 

NCBA is supporting the “Ranchers HELP (Help Extend Livestock Proceeds) Act of 2003” introduced by Rep. Scott McInnis (R-CO) on Jan. 29. This legislation will defer capital gains taxes for cattle producers forced to sell livestock due to drought.  The measure passed in the House on March 19, and is on its way to the Senate for consideration.

“This is a commonsense piece of legislation that reflects the reality of what ranchers are facing today,” said Rep. McInnis.  “Ranchers shouldn’t have to choose between replacing their herds during an ongoing drought with paying capital gains tax on a sale that was induced by that very same natural disaster.  They need options and they need more time.”

McInnis has worked to aggressively push the measure through the legislative process.  To ensure speedy passage for ranchers in dire need of tax relief, McInnis attached the measure to “The Tax Relief, Simplification, and Equity Act of 2003” (H.R. 1308).

 “NCBA has worked tirelessly to tell Congress about producers’ needs during this difficult drought,” says Eric Davis, Idaho cattle producer and NCBA President.  “Obviously, members of Congress have heard our message, and they are doing all they can to help.”