The National Council of Farmer Cooperatives (NCFC) issued a letter directed at U.S. Department of Treasury and the White House Office of Management and Budget (OMB) urging them to withdraw from a new proposed tax rule that would raise taxes on farmers and ranchers across the country. The proposed tax rule relates to the implementation of Section 199A(g) of the new tax code, as they were directed by Congress to fix the so-called "grain glitch" that resulted from the Jobs and Tax Act of 2017. According to the NCFC, the tax rule as proposed by Treasury would limit the deduction for agricultural cooperatives, thus raising taxes on farmers who are members and owners of such cooperatives.
More below:
https://twitter.com/FarmerCoop/status/1266047142147362816?s=20
