Statement by Bob Stallman, President, American Farm Bureau Federation, Regarding House Passage of Tax Bill
WASHINGTON, D.C., December 17, 2010 – The American Farm Bureau Federation is pleased the House voted in favor of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which passed by Senate earlier this week.
“Securing meaningful estate tax reform for farm and ranch families has been a top priority for Farm Bureau. We are pleased the House left intact the estate tax provision that provides a $5 million exemption and maximum rate of 35 percent. Other tax provisions included in the legislation, which are important for farmers and ranchers, include lower capital gains and income taxes and tax incentives for renewable fuels.
“We commend President Obama and congressional leaders for being committed to securing passage of this tax bill. It offers considerable relief that will help farmers, ranchers and rural communities in these difficult economic times.”