Senate Approves Tax Reform Measure
On Saturday, December 2, the U.S. Senate approved its own version of tax reform with a vote of 51-49. The Senate version has several similarities with the tax reform bill already passed by the U.S. House of Representatives, but it contains some specific differences. The two bodies will negotiate their differences in a Conference Committee over the coming weeks. The bill is still on schedule to meet the President’s goal of having the bill signed into law by Christmas.
As with other industries, this comprehensive tax reform measure will carry a significant impact to agriculture. However, most analysts agree that agriculture fared well in this process overall. That said, there are significant details still in need of being worked out between the House and Senate bills. There is also some concern about PAYGO mandates that could lead to reductions in farm safety net and conservation programs if the outcome of the tax bill leads to reduced revenues.
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