• Skip to primary navigation
  • Skip to main content
Texas and Southwestern Cattle Raisers Association

Texas and Southwestern Cattle Raisers Association

To Honor and Protect the Ranching Way of Life

  • Who We Are
    • Why Join
    • Leadership
    • Staff
    • TSCRA Partners
    • FAQs
    • Newsroom
    • Sponsorships
    • Employment
  • What We Do
    • Theft and Law
    • Issues and Policy
    • Education
    • Young Cattle Raisers
    • The Cattleman Magazine
    • Disaster Relief Fund
    • Cattle Raisers Insurance
    • Cattle Raisers Trading Co
  • Events
    • Cattle Raisers Convention
    • Summer Meeting
    • Policy Conference
    • Ranch Gatherings
    • Ranching 101
  • Member Center
    • Join
    • Renew
    • Instructions
  • TSCRA Store
  • Show Search
Hide Search

Cattlemen urge Congress to address expired tax extenders legislation

Source: National Cattlemen’s Beef Association
The National Cattlemen’s Beef Association (NCBA),  along with the Public Lands Council (PLC) and 37 additional agriculture groups sent a letter to House and Senate leadership urging Congress to take up legislation addressing expired tax extenders. NCBA President Philip Ellis of Chugwater, Wyo., said it is critical to address expired tax provisions for long-term business planning.
“Farmers and ranchers like myself rely on a stable and predictable tax code in order to plan purchases, make investments, and grow their businesses,” said Ellis. “Each year producers make significant financial determinations, and Congress’ failure to act on permanent tax reform has placed greater reliance on extender legislation over the past few years.”
The letter specifically focuses on Section 179 and bonus depreciation, which allows producers to write off a greater part of capital expenditures in the year that purchases were made rather than depreciate them over time. This provides an incentive for farmers and ranchers to invest in their businesses and offers the benefit of reducing the record-keeping burden associated with depreciation.
Under the expired law, the maximum amount that a small business can immediately expense when purchasing business assets is $25,000, adjusted for inflation, with the rest to be depreciated over time/ The groups are encouraging Congress to restore the maximum amount of expensing under Section 179 to $500,000, as it was set in 2014.
Furthermore, the groups urge Congress to reinstate the expired 50 percent bonus depreciation for the purchase of new capital assets, including agricultural equipment and buildings.
“The failure to renew these expired provisions of the tax code will place additional burdens on farm and ranch families who are asset-rich and cash-poor and already face the uncertainties of weather, market prices and international competition,” the letter reads.
Greater certainty in the tax code supports small businesses and rural America. NCBA continues to call on Congress take up a multi-year comprehensive tax extenders package, providing much-needed stability for 2016 and beyond.

Written by:
kristin
Published on:
November 16, 2015

Categories: General

Recent Posts

Texas & Southwestern Cattle Raisers Association representatives appointed to Cattlemen’s Beef Promotion and Research Board

January 27, 2023

Jan. 27, 2023 The U.S. Department of Agriculture today announced the appointment of Texas & …

Continue Reading about Texas & Southwestern Cattle Raisers Association representatives appointed to Cattlemen’s Beef Promotion and Research Board

Texas direct hay report for Jan. 27

January 27, 2023

Compared to the last report: Hay prices remain firm in all regions. Hay demand is very good across …

Continue Reading about Texas direct hay report for Jan. 27

Texas, Oklahoma weekly livestock auction summaries for Jan. 27

January 27, 2023

Texas Compared to last week: Feeder steers and heifers sold mostly steady on limited comparable …

Continue Reading about Texas, Oklahoma weekly livestock auction summaries for Jan. 27

Footer

Who We Are

Why Join
Leadership
Staff
TSCRA Partners
FAQs
Newsroom
Sponsorships
Employment

What We Do

Theft and Law
Issues and Policy
Education
Young Cattle Raisers
The Cattleman Magazine
Cattle Raisers Insurance
Cattle Raisers Trading Co.
Texas and Southwestern Cattle Raisers Association

Information

Cattle Raisers Blog
News Releases
Bereavements
Events
Media Kit
Tip Hotline
Get Involved
Links

Membership

Membership Center
Membership Center Instructions
Join
Renew
  • Email
  • Facebook
  • Instagram
  • Twitter
  • YouTube

PO BOX 101988
FORT WORTH, TX 76185

1-800-242-7820

© 2023 Texas & Southwestern Cattle Raisers Association; All Rights Reserved.

COPYRIGHT | PRIVACY POLICY | TERMS OF USE