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Ending tax cuts may hurt farm equipment users

Thursday, August 19, 2010

The expiration of tax cuts could cost farmers money.
The expiration of tax cuts could cost farmers money.

A California farm group noted recently that allowing the Bush-era tax cuts to end could hurt those who use farm equipment.

According to the California Farm Bureau Federation, tax cuts put in effect in 2001 are set to expire at the start of next year. As a result, farmers and ranchers in the Golden State could see increases tied to income and capital gains. The depreciation of agricultural equipment could also be treated differently as a result.

Kenny Watkins, president of the CFBF, said that the country needs to take action in the face of high unemployment and lower levels of government facing budget woes.

"We need to support private-sector businesses, including agriculture, by reducing the tax burden, to free up additional capital to invest in our own businesses," Watkins said.

While farmers face an uncertain future regarding the tax cuts, a recent report from the U.S. Department of Agriculture shows that producers are on pace to have a stand-out year. Both corn and soybean production is up 2 percent so far when compared to 2009, which saw record results.

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