House Votes To Restore Farm Equipment Tax Breaks

A big tax break for farm and other equipment is part of a $78 billion tax package the House advanced late Wednesday despite some opposition on both sides.  House members voted by a 357-70 margin to advance the tax bill, which would fully restore a major tax break for farm and other equipment included in the 2017 tax law.  House Ways and Means Committee Chairman Jason Smith (R-MO) told CNBC recently, bonus depreciation would phase down without the legislation…

Allowing for full and immediate expensing for farm and other equipment, spurring local farm implement sales, jobs, and increased farm productivity.  Smith told his committee that the bill also provides relief from another big expense farm and other businesses face…

Smith says restoring interest expensing will create more than 850,000 jobs and $58 billion in additional take-home pay for workers.  The measure also includes tax relief for communities upended by hurricanes, floods, wildfires and other natural or manmade disasters.

Among Missouri’s delegation, Democrat Cori Bush joined Republicans Eric Burlison and Ann Wagner in opposing the bill.  Smith had negotiated the bill’s provisions with his Senate counterpart, Finance Chair Ron Wyden (D-OR), who will handle the bill when it arrives in the upper chamber.

From NAFB News Service