Political Quotes

“building upon the success of last year's tax bill, we bring additional tax relief to farmers and ranchers. In addition to benefitting from general provisions increasing estate tax credits, the self-employed health insurance deduction, expensing, and limiting the marriage penalty, this bill targets needed tax relief for millions of farmers and their families. Specifically, the bill permanently extends 3-year income averaging--a popular accounting tool that is needed in today's volatile markets. The bill also extends net operating loss carryback provisions from 2 years to 5 years, regardless of whether the producer resides in a Presidentially declared disaster area. And, finally, the bill clarifies that advanced contract payments will not be taxable until they are received. This should help producers requesting supplemental payments this year but do not receive them until next year. I'm pleased to add my support to this modest, yet important tax relief measure for America's farmers and ranchers.”