taxes

From the Capital Press A lawyer for Washington farm groups disputed Friday that the state’s new capital gains tax will pinch only the very rich, telling a Central Washington judge that the pending tax already is influencing business decisions by farmers. Although the tax exempts income from selling livestock or…

By Paul NeifferFrom agweb.com Many farmers will purchase farm inputs such as fertilizer, chemicals, seed, etc. before the end of the year even though the dealer has not delivered these products to the farmer.  We call these items prepaid farm expenses. Read the rest of the article here.

From the National Association of Wheat Growers Yesterday, the House Ways and Means Committees advanced its contributions to the proposed $3.5 trillion budget reconciliation package, which included provisions to offset components of the bill. The National Association of Wheat Growers (NAWG) is glad to see that proposals to tax capital…

From the Capital Press The Washington Farm Bureau can challenge the state’s capital gains tax before it takes effect, rather than wait for farmers to be taxed, Douglas County Superior Court Judge Brian Huber has ruled. Read the rest of the article here.

From the Capital Press Washington state attorneys sought Wednesday to scuttle a lawsuit filed by farmers and others against the state’s new capital gains tax, arguing no one can challenge it until they pay it. Farmers are only speculating that beginning next year they will owe the 7% tax on…

From the Capital Press Washington’s pending capital gains tax will burden farmers and ranchers and influence investment decisions, eight agricultural groups assert in a court document. The groups filed an amicus brief July 16 in Douglas County Superior Court, supporting a lawsuit filed by the Washington Farm Bureau and some…

From agriculture.com The Biden administration could “impose a significant financial burden” on farm families with its proposal for stricter application of capital gains taxes, said House Agriculture chairman David Scott on Wednesday. Scott also said any increase in estate taxes “for those taking over farmland is untenable.” Read the rest of the…

From agdaily.com Defining estate tax regulations for farmers has been a hot topic this year. In an effort to preserve family farms for generations to come, Rep. Jimmy Panetta (D-CA) and Rep. Jackie Walorski (R-IN) introduced the bipartisan Preserving Family Farms Act. The legislation would help family-owned farms continue operations…

By Diana Carlen WAWG Lobbyist Thursday marked the halfway point of this year’s 105-day regular legislative session, which is scheduled to end on April 25. Lawmakers in both chambers have been debating and taking votes on dozens of bills in lengthy day and late evening sessions for the past two…

From the Capital Press Farm groups are lobbying to amend a capital gains tax proposal, hoping to head off a tax hit for cattlemen and retired farmers. As proposed by Gov. Jay Inslee and introduced by Democrats in the Legislature, active farmers and ranchers who sell their land would be…