Tuesday, December 26, 2017
SALEM, Ore. The tax reform package passed by Congress and signed by the president includes many provisions that will help Oregon’s farm and ranch families.
“This bill lowers taxes for most of our agricultural families,” Oregon Farm Bureau President Barry Bushue said.
Bushue said the bill simplifies rate structures and eliminates the death tax for estates under $11 million while maintaining annual indexing for inflation, which covers nearly all family ag operations.
He said the bill will preserve important tools, such as cash accounting, stepped-up basis, deductions for business interest, and carry forward of net operating losses.