Washington, D.C. (December 19, 2017)—“The tax reform legislation passed by Congress today recognizes the key role that farmer co-ops and their members play in spurring economic growth across rural America. At a time of continued low commodity prices, the legislation will deliver much needed tax relief to producers; it will help ensure that co-ops continue to invest in their businesses in ways that create jobs and bolsters local communities.
“I would also like to recognize the leadership of two senators who made sure that this legislation would work for agriculture—Senator John Thune of South Dakota and Senator John Hoeven of North Dakota. They crafted provisions in the bill that ensured that the elimination of the Section 199 deduction would not result in a tax increase for co-ops or their farmer-members. They both showed themselves to be true champions of the family farmer throughout this process.
“With the tax reform package now through Congress, we look forward to President Trump signing the legislation into law at the earliest opportunity.”
Since 1929, NCFC has been the voice of America’s farmer cooperatives. Our members are regional and national farmer cooperatives, which are in turn composed of over 2,000 local farmer cooperatives across the country. NCFC members also include 26 state and regional councils of cooperatives. Farmer cooperatives allow individual farmers the ability to own and lead organizations that are essential for continued competitiveness in both the domestic and international markets.
America’s farmer-owned cooperatives provide a comprehensive array of services for their members. These diverse organizations handle, process and market virtually every type of agricultural commodity. They also provide farmers with access to infrastructure necessary to manufacture, distribute and sell a variety of farm inputs. Additionally, they provide credit and related financial services, including export financing.