WASHINGTON, D.C. – Two million family farmers have been staring down the prospect of seeing their death tax exemption slashed in half if Congress fails to act – forcing them to consider dialing up estate planners and accountants instead of their suppliers. Thankfully, tax reforms in The One, Big, Beautiful Bill will make permanent and increase the doubled Death Tax exemption – helping ensure family farms, ranches, and other small businesses can be passed down to the next generation. Additionally, the legislation increases and makes permanent the small business deduction, extends 100% immediate expensing, doubles small business expensing – one-fifth of which is utilized by the American agriculture industry – and provides for immediate expensing for new buildings and other structures used in agriculture and farming. All told, The One, Big, Beautiful Bill is projected to lower taxes on American farmers by over $10 billion.

Organizations representing the agricultural industry have been speaking out about how these critical tax reforms will ensure a brighter, more prosperous, and more certain future for American farmers and ranchers.

American Farm Bureau Federation

“Modernizing farm safety net programs and providing a fair tax code is critical to the success of America’s farmers and ranchers, especially in today’s strained farm economy. We urge lawmakers to work swiftly to finalize any remaining edits and improvements to allow for the reconciliation package to move forward to ensure farmers can continue growing the food, fuel and fiber America’s families rely on.” – Zippy Duvall, President, American Farm Bureau Federation

Agricultural Retailers Association

“Swift passage of this bill will take a critical step toward revitalizing the agricultural economy and supporting rural America during these challenging times. This legislation strengthens the farm safety net, ensures essential investments in conservation, and includes tax provisions that offer much-needed relief to family farms and agribusinesses.” – Agricultural Retailers Association

National Cattlemen’s Beef Association (NCBA)

“With the expiration of the Tax Cuts and Jobs Act right around the corner, Congress needs to act now to protect family farmers and ranchers from a massive tax hike. We strongly urge all members of the House Ways and Means Committee to support Chairman Jason Smith’s tax reconciliation package that reduces the Death Tax and expands pro-small business tax deductions like section 199A, section 179, and bonus depreciation.” – Kent Bacus, Executive Director of Government Affairs, NCBA

Texas Farm Bureau

“Raising the estate tax exemption rate to $15 million per person will help ensure the future of farming and ranching for generations to come. The legislation also increases the business income deduction (199A) to 23%…In addition, the legislation renews reduced pass-through tax rates, expanded brackets, unlimited bonus depreciation, and increased alternative minimum tax thresholds. These provisions provide certainty for agricultural operations and will help ensure the financial stability of these families who are the backbone of the country.” – Russell W. Boening, President, Texas Farm Bureau

Farmer Mac

“The Federal Agricultural Mortgage Corporation (Farmer Mac) is pleased to express its strong support for the inclusion of the Access to Credit for our Rural Economy (ACRE) Act…ACRE will help lower loan interest rates on agricultural real estate, thereby reducing costs for American farmers and ranchers. It will also help diversify the risk associated with agricultural lending for community and commercial banks and improve their ability to manage liquidity, interest rate risk, and credit risk, contributing to enhanced credit availability for farmers and ranchers.” – Bradford T. Nordholm, President and Chief Executive Officer, Farmer Mac

National Milk Producers Federation (NMPF)

“The agricultural investments and tax provisions included in this bill will help support and create opportunities for dairy farmers and the cooperatives they own.” – NMPF

NC Life Sciences Organization

“North Carolina is home to a thriving life sciences ecosystem touching on all sectors including pharmaceuticals, devices, agriculture and industrial biosolutions…The restoration of the R&D deduction recognizes the importance of innovation and fosters the right business environment for these companies to develop groundbreaking products, create good jobs and ensure that the U.S. continues to lead the world in biotechnology innovation.” – NC Life Sciences Organization

POET

“POET is pleased to see the House Ways and Means Committee include an extension of the 45Z clean fuel production incentives in its reconciliation package. The 4-year extension will provide our farmers and biofuel producers with much-needed certainty for implementing technologies and practices that are critical for accessing new and growing markets.” – POET

Click here to learn more about how The One, Big, Beautiful Bill will make rural America great again.