taxes

From World-Grain.com The effects of global tariffs imposed and then placed on hold by US President Donald Trump would be wide-ranging across grain-based foods. If the threatened tariffs materialize and retaliatory actions are taken broadly by trading partners of the United States, the direct impact will be significant for segments…

On March 31, Michelle Hennings, executive director of the Washington Association of Wheat Growers, testified in front of the Washington State Senate Ways and Means Committee opposing SB 5794, which would eliminate tax preferences for transporting agricultural commodities. Hennings told the committee that the elimination of these provisions threatens the…

From the Capital Press The Treasury Department reset the deadline for businesses to report under the Corporate Transparency Act to March 21 after a federal judge lifted his order that had been blocking the law. U.S. District Judge Jeremy Kernodle in Tyler, Texas, said Feb. 18 lifting the stay was…

From Progressive Farmer Just three days after the U.S. Court of Appeals for the Fifth Circuit reinstated a rule requiring businesses, including farms, to file Beneficial Ownership Information, the same court has now reversed itself, giving businesses a reprieve from filing requirements. Read the rest of the article here.

Beginning the week of Aug. 26, the Washington State Department of Licensing (DOL) will begin taking applications for refunds for ag producers who paid taxes related to the state’s cap and trade program on fuel purchases. The DOL circulated a letter recently containing the following information: What Is the Agriculture…

From agweb.com The sunset of the Trump Tax Cuts is around the corner and might be here before farmers are ready for it. The current lifetime estate and gift tax exemption is $13.61 million but will be cut in half beginning in 2026. This means most farmers have about 18…

From the Capital Press The Senate and House finalized a spending plan Wednesday that includes $30 million to partially reimburse farmers and truckers who paid cap-and-trade taxes on fuel used to grow and transport farm goods. The budget, which the Legislature was set to adopt Thursday and then adjourn for…

From the Columbia Basin Herald Budget writers in both the Senate and House have suggested allocating $30 million for refunding farmers impacted by the Climate Commitment Act. With the climate program, fuel used for agricultural purposes was supposed to be exempt. According to farmers and truckers in Eastern Washington, that proposal…

From the Capital Press The Washington Farm Bureau estimates farmers have paid at least $153 million and likely far more this year in cap-and-trade fees, even though lawmakers intended to exempt agriculture from the tax on fossil fuels. Read the rest of the article here.

From Paul Neiffer, Farm CPA Today Now that President Biden has signed the Inflation Reduction Act of 2022, we can now dig into the details of the bill and how it might affect farmers. Read the rest of the article here.