The House Ways and Means Committee has released its tax reform plan, the Tax Cuts and Jobs Act. This is the first major tax package since the 1980s and this legislation is expected to move quickly through Congress, with the President saying he wants it on his desk before Christmas. The Senate has released the framework of their bill as well, and it is similar to the House's version.
The House bill includes the following provisions important to farmers and ranchers:
- Reduced Business Tax Rates
- Immediate Expensing of Business Investments
- Continuation of Cash Accounting
- Continuation of Section 1031 Like Kind Exchanges
- Estate Tax Relief