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Protecting Family Farms And Ranches

08 June 2010

US - The National Cattlemen’s Beef Association (NCBA) and the Public Lands Council (PLC) are calling on Congress to protect family farms and ranches from being taxed out of business by supporting H.R. 5475, the Family Farm Estate Tax Relief Act of 2010.

.R. 5475 would exempt family farms and ranches from the estate tax as long as the estate continues in farming or ranching.

“Preserving the legacy of American agriculture for future generations should not be political issue; it’s the right thing to do,” said NCBA President Steve Foglesong. “Allowing family farms and ranches to be taxed out of business will put our national food security and global competitiveness at serious risk.”

H.R. 5475 would defer the estate tax for as long as the operation remains in agriculture. If the owner were to either stop farming or sell the property, a recapture tax would be imposed. The bill would also allow farmers and ranchers to qualify for a more generous tax deduction for land donated to a conservation easement.

TheCattleSite News Desk



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