IARN — Farmers have been shouldering financial strains for the past several years. Whether it has been low commodity prices, trade wars, and now COVID-19. They have had more than their fair share of challenges, and the last thing they need now is a tax hike. That was the message from the National Council of Farmer Cooperatives (NCFC) last week.
Last Thursday the Executive Council of the NCFC appealed directly to the Treasury Department and the Office of Management and Budget (OMB) to scrap the proposed implementation of Section 199A(g) of the tax code. This proposal would eliminate a cooperatives ability to deduct business with non-members.
NCFC President & CEO Chuck Connor said they had reached an agreement with Congress in 2018, but the Treasury Department under the Trump Administration decided to implement the rule anyway.
For more on this story, including cmments from NCFC President &CEO Chuck Connor, visit the Iowa Agribusiness Radio Network.
