To: LTA Committee Members
Treasury Guidance Coming “Soon.” Ken Kies, Assistant Secretary for Tax Policy and Acting Chief Tax Counsel, said guidance on numerous provisions on the OBBBA will be released in the coming months. Speaking yesterday at a Tax Council conference, Kies said the agency brought back forty-five lawyers early in the six-week government shutdown to help ensure that the guidance is on track.
Kies specifically mentioned the following guidance projects:
- Bonus depreciation
- Section 45Z clean fuel credit
- Foreign tax credits and other international priorities
- Tax breaks for tip income and overtime
- Trump accounts
- School choice
LTA Committee tax experts will assist NCFC in identifying areas for comment on any new regulations.
IRS Guidance on Agricultural Real Property Loans. The IRS has issued Notice 2025-7, providing interim guidance on the gross income exclusion of interest on loans secured by rural or agricultural real property under Section 139L. The new code section was added by the One Big Beautiful Bill Act (P.L. 119-21).
Biofuel Production Incentive. USDA Secretary Rollins today announced the availability of $7 million through the Advanced Biofuel Producer Payment Program, a provision of the One Big Beautiful Bill. The funding is aimed at increasing the production of American grown biofuels. More details on the program are available in a USDA News Release.
LTA Conference Registration: The upcoming LTA Conference will include sessions on competition, tax, artificial intelligence, trade, a cooperative reorganization, and more. NCFC’s Annual Meeting and LTA Conference will take place February 10-12 in San Antonio. More information and FAQs about the meeting can be found HERE. Registration for the conference is available HERE (early bird registration closes on January 8th). Book your hotel reservation at La Cantera Resort & Spa in San Antonio HERE.
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NCFC Submits Comments to Anticompetition Task Force