After recently taking part in roundtable discussions with North Dakota farmers and ranchers, U.S. Sen. John Hoeven (R-ND) outlined the importance of tax relief for the nation’s agricultural producers on the Senate floor on Wednesday.
Hoeven singled out provisions of the tax reform framework that would specifically benefit farmers and ranchers, including limiting the maximum tax rate to 25 percent for small and family businesses, estate tax relief, and immediate expensing and write-offs for new investments for at least five years.
“Tax reform is about getting the American economy going again, creating jobs and opportunity here at home,” Hoeven said. “In North Dakota, that means ensuring that tax relief works for our farmers and ranchers.”
Last week, Hoeven met with farmers, ranchers and small business owners in North Dakota to glean local input on how tax relief can help grow the economy while increasing wages for workers.
“Agriculture is number one in our state and the right tax reforms will help our producers meet the challenges they face and continue to provide food, fuel and fiber to meet our needs,” Hoeven said.
Hoeven identified additional provisions for the tax reform plan that would help agricultural producers, in his speech on the Senate floor, including maintaining Section 179 expensing of equipment, continuing interest deductibility for small businesses and maintaining the property tax deduction.
“Tax relief will help individuals and families in my state of North Dakota and across the country to get ahead by generating new jobs through economic growth … and will also lower their overall tax burden so they keep more of their paycheck,” Hoeven said in his speech.