NPPC Says Tax Bills ‘Marginally Beneficial’ to the Industry

 

The pork industry says the tax bills moving in Congress are “marginally beneficial to the industry,” which continues to pursue improvements as the measures continue to advance. The pork industry is generally pleased with the House-passed and Senate-Finance-passed tax bills but National Pork Producers’ Dustin Baker says NPPC is seeking added changes…

“Working to eliminate the elimination of the Domestic Production Activities deduction or Section 199, the limitations of business interest expense deduction, and the elimination of the Net Operating Loss carryback.”

Baker says the three breaks are used widely enough in agriculture that their retention is needed to spur economic growth. Other breaks include expansion of Section 179 expensing, lower rates for ‘pass-through’ small businesses, and doubling of the estate tax exemption. Baker says pork producers have long supported tax reform…

“We know that the tax code hasn’t been changed since 1986 and is in the dire, dire need of an overhaul.  We’re ready for a tax overhaul.  Anytime you have to jump through hoops, or jump through hurdles to comply with a complicated tax code, that means that it’s less and less time that they’re able to focus on what they do best, and that’s produce safe and affordable pork products for their families and consumers across the world.”

The Senate is expected to debate its GOP tax bill as soon as lawmakers return from the Thanksgiving break, next week. The bill’s ending of a key break for state and local tax payments, sunsetting other individual breaks, and repeal of the Obamacare penalty for not carrying health insurance are stumbling blocks to passage.

But Republicans are expected to make enough changes to try and ‘thread the needle’ in passing the bill with a bare minimum of 50-votes, plus a tie-breaking vote by the vice-president.


A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.

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