Congress Considers Enacting Estate Tax Issues
Today I received an email from the American Soybean Association (ASA), asking soybean leaders and supporters to contact their elected representatives about estate tax reenactment and the biodiesel tax incentive.
Tomorrow ASA farmer-leaders will be in Washington, D.C., participating in a press conference at the National Press Club about the need for Congress to enact estate tax legislation before Dec. 31. If it’s not enacted by this date, the estate tax rate will revert to the 2001 rate of up to 55% with only a $1 million exclusion. This means it will be especially difficult to pass along farms, ranches and small businesses from one generation to the next.
Also tomorrow ASA members will participate in a biodiesel fly-in to urge members of Congress to extend the biodiesel tax incentive. Biodiesel is a key market for U.S. soybean oil and has been a key factor in supporting domestic soybean prices in recent years. It also reduces our dependence on petroleum and creates jobs.
If you’d like to contact your elected officials about either of these issues, click here.
(Source: American Soybean Association)