Wednesday, June 2, 2010

Just in from Washington

Capitol Hill, Jake Putnam photo
American Farm Bureau Urges Senate to Pass Tax Extenders Bill

Washington--American Farm Bureau Federation President Bob Stallman wrote to members of the Senate Tuesday, urging them to pass H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010.

“Prompt passage is needed to reinstate many important farm-related tax provisions that expired at the end of 2009,” Stallman wrote.

On Friday, the House passed the bill, 215-204.The Senate is expected to take up the bill next week, when it returns from its Memorial Day recess.

Farm Bureau-supported provisions include extensionfor one year (through 2010) the $1 per gallon production tax credit for biodiesel. Farm Bureau also supports a provisionthat extends for one year a five-year depreciation recovery period for certain machinery and equipment used in farming. The bill includes many other one-year extensions that will help farmers and ranchers at tax time.

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