Texas Agriculture Daily News
TFB responds to fiscal cliff package, farm bill extension
Thursday, January 03, 2013
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Although the nation’s lawmakers were unable to pass a full five-year farm bill before year’s end, the Texas Farm Bureau is applauding legislators’ efforts to prevent the nation from going over the “fiscal cliff” and for preventing the nation from reverting back to 1949 farm bill legislation.
TFB President Kenneth Dierschke notes that “the passage of the so-called fiscal cliff legislation adds certainty to tax policy, which is good business for America. Regrettably, the deficit was not addressed by Congress, and much work is still needed to get our fiscal house in order. One positive note to the legislation is restoration of the $5 million exemption level for the estate tax, which was in danger of falling to $1 million. This permanency and the fact that the estate tax is indexed for inflation are positive for agriculture and all small businesses. This ensures that most family farms can be passed on to subsequent generations.”
Recognizing that the last minute passage is not perfect, Dierschke says it does extend the 2008 Farm Bill and prevents the 1949 farm law from being implemented, which would have created major problems for both agriculture and consumers.
“Although we would have preferred a five-year farm bill, the extension allows farmers and ranchers and their bankers to plan for the 2013 crop,” Dierschke said. “We realize this was a tough vote and appreciate Congress taking this action.”
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