Political Quotes

“today I wish to discuss an important provision in the tax conference agreement that relates to the 20- percent deduction for certain passthrough income for agricultural cooperatives. I was pleased to see that the conference report fairly treats certain distributions from farmer cooperatives to their patron. This treatment will ensure that farmers will not see a tax increase at a time of depressed agricultural prices. I would like to clarify a drafting change that occurred in moving from the Senate language to the conference report language. Specifically, section 199A(c)(1) provides that the term ``qualified business income'' does not include any ``qualified cooperative dividends,'' as defined by the bill. I would like to clarify that in this sentence, the terms ``qualified business income'' and ``qualified cooperative dividends'' are mutually exclusive and that the intent is that these terms are to be treated separately under sections 199A(a)(1) and (2), as they were under the Senate bill. Also, I believe that the definition of ``qualified cooperative dividends'' includes ``per unit retains paid in money,'' PURPIMs, paid under 1382(b)(3).”