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Groton Daily Independent
Sunday, March 18, 2018 ~ Vol. 25 - No. 247 ~ 5 of 30
During this time, we also fought an uphill battle to nish a ve-year Farm Bill in 2014. In the end, we produced legislation that equipped farmers and ranchers with a strong safety net and a meaningful live- stock disaster program. I became the rst South Dakotan in more than 20 years to serve on the House’s Farm Bill negotiating team, and I was proud to sign my name to the nal deal.
With the Farm Bill done, all attention turned toward tax cuts. Once again, I earned a spot on the ne- gotiating team, lling one of just ve House seats and serving as the only member with a background in production agriculture.
After years of work, President Trump signed our legislation, which included a number of wins for agri- culture. More speci cally, the package offers a 20 percent small business tax deduction, which will help many farms and ranches. It also expands interest deductibility, which is critical for a highly-leveraged in- dustry like agriculture; allows for immediate expensing, helping farmers upgrade their operations; doubles Death Tax exemption levels; preserves options for like-kind exchanges; and expands Section 179, allowing farmers to better manage depreciation. On top of that, producers – like all Americans – will bene t from lower tax rates, the doubling of the Child Tax Credit, and retirement and education bene ts. The Standard Deduction was also doubled, meaning the rst $24,000 a couple makes is tax free.
In the months ahead, we’ll be working to pass the next Farm Bill. I’ve already introduced legislative language to improve commodity programs and reform the wetland determinations process. I’ve also intro- duced the Fair CRP Payments Act, which would ensure CRP rental payments accurately re ect the current cost of renting farm ground. And my DRY Act would permanently allow the hay harvested on certain CRP acres to be donated to farmers suffering from drought or re.
Passing the next Farm Bill will likely be another uphill battle, given the declining number of rural repre- sentatives. Nonetheless, South Dakota farmers and ranchers continue to produce the food consumed in each of their states. I am incredibly proud to represent so many people who put in early mornings, take on tremendous nancial risk, and live at the will of weather and market uctuations – all to do what they love and keep our world fed. Happy National Agriculture Week!