Nebraska Farm Bureau urges passing of farm bill|
Delegates to Nebraska Farm Bureau Federation's 95th Annual meeting are urging Congress and the president to take action before year-end to pass a farm bill and extend a number of tax provisions that President Steve Nelson says are vital to the future success of American agriculture. Over 100 different tax provisions are set to expire at the end of 2012 including the current estate tax rate of 35 percent with an exemption of $5.1 million per person; a 15 percent capital gains tax rate; lower personal income tax rates; as well as numerous other tax credits and deductions such as equipment depreciation and the biodiesel tax credit. If Congress fails to act before the beginning of January, estate tax rates rise to 55 percent with an exemption of only $1 million, capital gains taxes rise to 20 percent and all personal income tax rates rise between three and five percent. Nelson says "Nebraska farm and ranch families are facing considerable uncertainty in both our nation's farm and tax policy. We need swift action in Washington to bring certainty in these areas," The Nebraska Farm Bureau held their annual meeting in Kearney.