House Passes Tax Extenders Legislation
Today, the U.S. House voted 274 to 144 to pass a handful of tax extenders, including the expiring section 179 expensing provisions for small business. National Cattlemen’s Beef Association President and Victoria, Texas cattleman, Bob McCan says this is a victory for rural America.
“The passage of these tax extenders is a good move for cattlemen and women,” said McCan. “America’s ranching families are primarily family-owned small businesses who need a stable tax code that encourages rural economic growth. That is what this package is, and we urge the Senate in turn to pass their tax extender legislation to provide greater certainty in the tax code.”
Specifically for agriculture, this legislation includes an extension of Section 179 expensing for capital investments. On January 1, 2014, expensing levels under Section 179 were reduced from $500,000 to $25,000. This and other important tax extenders still await action in the Senate.
“These and many other provisions in the tax code give our producers the certainty they need to make sound financial decisions,” according to McCan. “In turn, they spur forward economic growth by encouraging the purchase of and investment in machinery and equipment. Failure to act will only prolong the effects of a weak economy for producers and the businesses that rely on them.”
Cattlemen and women urge Congress to send a tax extenders package to the President’s desk as soon as possible. Greater certainty in the tax code supports small business and supports rural America.