Washington, D.C. (December 16, 2017)—“Throughout the debate on tax reform, several Senate champions of agriculture have worked tirelessly to make sure that farmers and their co-ops were treated fairly in the process.
“The top tax bill priority for farmer co-ops was ensuring that the elimination of the Section 199 deduction did not result in a tax increase on farmers. Senator John Hoeven of North Dakota recognized the consequences of eliminating the deduction early on and became instrumental in finding a fair solution. Senator John Thune of South Dakota, a member of the Finance Committee and a co-chair of the Congressional Farmer Cooperative Caucus, secured provisions that will keep money in the pockets of family farmers across the country at a time when low commodity prices mean that every penny counts.
“Senate Agriculture Committee Chairman Pat Roberts of Kansas also was instrumental in ensuring that farmers and co-ops were treated equitably when it came to provisions regarding the deductibility of interest.
“As such, NCFC strongly supports this bill and thanks Senators Hoeven, Roberts and Thune for their leadership.”
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.