Group
Applauds Death-Tax Repeal, Vows to Keep Working on "Problematic"
Interest Deductibility Provision
Craig Uden, president of the National
Cattlemen’s Beef Association and fourth-generation Nebraska cattle
producer, today released the following statement in response to U.S.
House approval of H.R. 1, the Tax Cuts and Jobs Act:
“House
approval of this comprehensive tax-reform legislation is a step in the
right direction, but we will continue to work hard to make sure that
final legislation doesn’t include provisions that would create undue and
unfair burdens for certain segments of our industry.
“Specifically,
this bill would immediately double the death-tax exemption and put the
tax on the path to extinction in five years. That’s a major victory for
family ranchers and cattle producers. The bill also fully preserves the
step-up in basis, allows businesses to immediately and fully expense the
cost of new investments, increases Section 179 small-business expensing
limits, and expands cash accounting. These are all victories for cattle
producers.
“Unfortunately, the House-passed bill would also
significantly limit the ability of some businesses from deducting their
interest expenses. This could be a big problem for some members of the
cattle-production business. We’ve worked closely with Members of
Congress to address this issue, and we’ll continue to work tirelessly to
fix this problematic provision as this legislation moves forward in the
Senate and toward a House-Senate conference committee.”
Over the
past two months, NCBA has executed a media campaign in support of tax
reform provisions that would benefit cattle and beef producers. The
campaign is centered at CattlemenForTaxReform.com, and the campaign’s
videos have been viewed more than a million times on Facebook.
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