WASHINGTON, DC -- USA Rice joined 40 agriculture organizations this week in a
letter to Congressional leaders opposing changes to key tax provisions that would negatively impact farms and related agriculture and small businesses. The coalition expressed concerns over legislative proposals that would make changes to fundamental tax code provisions as a means of implementing President Biden’s American Families Plan.
The letter urged House and Senate leaders to find common sense solutions to make investments in America’s infrastructure and human resources, while not jeopardizing the viability of family-owned businesses, including farms, through changes to long-standing tax code provisions. Specifically, the letter references the preservation of vital provisions such as stepped-up basis, like-kind exchanges, and the Section 199A Business Income Deduction.
“Rice farms, mills, and the family-owned businesses that support our industry need tax code provisions that provide certainty and stability,” said Jamison Cruce, USA Rice director of government affairs. “We urge Congress to find other means to pay for the much-needed investments in our nation’s infrastructure, particularly in rural America.”