Farm Bureau pushes for estate tax reform in supporting tax agreement

Contact: Ryan Findlay, (800) 292-2680, ext. 2025

LANSING, Dec. 10, 2010 - The American Farm Bureau Federation (AFBF) applauded President Barack Obama and Congressional leaders earlier this week for reaching an agreement on a framework for extending tax breaks for families at all income levels for two years.

"Farmers are pleased the accord includes estate tax relief that establishes a $5 million estate tax exemption and a maximum rate of 35 percent," said AFBF President Bob Stallman.

"Farm Bureau has long backed the Lincoln-Kyl bill that contains the $5 million exemption and maximum rate of 35 percent, and we are pleased the framework addresses the estate tax," said Stallman. " For America's farm families, passage of estate tax relief is the single most important tax issue left unresolved by Congress."

On Tuesday, Stallman wrote to House and Senate Congressional leaders and to the chairs and ranking members of the House Ways and Means Committee and Senate Finance Committee calling for prompt action by Congress to pass tax legislation before the end of the year.

Stallman told lawmakers the agreement includes many important elements to farmers, such as the two-year extension of the 15 percent top capital gains tax rate, extension of lower income tax rates for all taxpayers and the alternative minimum tax patch.

"Farm Bureau also calls on Congress to extend tax incentives for ethanol and biodiesel and to extend the five-year depreciation for farm business machinery and equipment, enhanced charitable deduction for donated food, and an enhanced tax deduction for donating a conservation easement," Stallman wrote.

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