Tax Issues

Soy Growers Urge Congress to Pass Tax Extenders

Soy growers are urging Congress to pass a seamless multi-year extension of the “tax extenders” as soon as possible. The American Soybean Association (ASA) joined a range of several business, transportation, energy and ag stakeholders in a letter this week to both House and Senate leaders, stating the extension of these tax provisions is vital … Read More »

Congress Passes Tax Reform, But How Does it Affect You?

Republican leaders have reached a final agreement on the comprehensive tax reform package. Both the House and the Senate passed their bills this week, and the measure now awaits formal signature by President Trump. The final agreement sets the corporate tax rate at 21 percent and the top tax rate for individuals at 37 percent. … Read More »

ASA Leads Coalition to Secure Waiver of PAYGO

ASA led a coalition of farm bill stakeholder groups in a letter to House leadership Thursday urging the House to include a waiver of funding sequestration under the Statutory Pay-As-You-Go Act of 2010 that could have significantly impacted a vast majority of USDA programs. “Funding for mandatory programs and activities subject to sequestration that are … Read More »

ASA Urges Support of Tax Extenders Bill

In a letter to House and Senate leaders, ASA and fellow farm groups urged Congress to approve a “seamless, multi-year extension of the tax extenders before the end of 2017.” Such a package would include the ASA priority of an extension of the important Biodiesel Tax Credit. The full letter can be accessed at the … Read More »

ISSUE UPDATE: House Tax Reform Proposal

Last week, House Ways & Means Committee Chairman Kevin Brady (R-TX) released his tax reform proposal that will be the basis for the committee mark-up to begin as early as next week.  The Tax Cuts and Jobs Act proposes to lower individual and corporate tax rates and streamline the tax code. Below is a summary … Read More »

House Ways & Means Chairman Unveiling Tax Reform Proposal

Today, House Ways & Means Committee Chairman Kevin Brady (R-TX) is releasing his tax reform proposal that will be the basis for the committee mark-up to begin as early as next week.  The Tax Cuts and Jobs Act will propose to lower individual and corporate tax rates, streamline the tax code, and eliminate existing incentives … Read More »

Important Budget Process Unfolding in Congress Over Next Two Weeks

The U.S. House of Representatives and U.S. Senate are preparing for floor consideration of their respective budget resolutions for fiscal year 2018.  While typically partisan and symbolic exercises, the FY2018 budget process includes reconciliation provisions that Republican leaders hope to use to pave the way for enactment of comprehensive tax reform. The reconciliation process would enable … Read More »

Republicans Unveil Tax Framework Document

Republican leaders unveiled a framework document that represents advancements and agreements they have reached on some of the broad tax issues this week.  The document states that the Administration and Republican Leaders are developing a unified framework with the goal of achieving fiscally-responsible tax reform that is “built for growth, supports middle-class families, defends workers, … Read More »

ASAAP Meeting Focuses on Regulations and Sustainability

Members of the American Soybean Association (ASA) Action Partnership (ASAAP) met in Essex, Vt. to discuss issues, regulations and policy affecting the soybean industry. In addition to ASA policy updates and an industry forum, panels focused on agriculture sustainability, GMO labeling and the initial debate in Vermont, and tax reform and its affects on agriculture. … Read More »

ASA, Ag Groups Meet with Secretary Mnuchin to Discuss Tax Reform

This week American Soybean Association (ASA) Washington staff attended and participated in a meeting of agricultural groups at the White House with Treasury Secretary Steven Mnuchin to discuss tax reform. The meeting was one of a series of sessions the White House is conducting with various industry sectors as they develop their policies and strategies … Read More »