As of Tuesday, December 29, 2015
WASHINGTON, D.C. New legislation will help farmers in the Lower Valley and elsewhere by increasing the cap on small business deductions.
Congress last week passed a bill called Protecting Americans from Tax Hikes, which increases the permanent cap on small business deductions for capital expenses from $25,000 to $500,000.
The bill also extends the existing bonus depreciation for the purchase of new capital assets for another five years.
“These tax provisions allow farmers to reinvest in their operations – and that has a ripple effect across the entire agriculture industry and rural communities,” National Corn Growers Association President Chip Bowling said.