Hoeven: Funding Bill Includes Section 199 Agreement
Senator Worked With Agriculture Cooperatives, Private Grain Dealers to Reach Agreement to Ensure Tax Relief and Fair Tax Treatment for Agriculture
WASHINGTON – Senator John Hoeven, who serves as chairman of the Senate Agriculture Appropriations Committee and on the U.S. Senate Agriculture Committee, today announced that the Fiscal Year 2018 funding legislation includes an agreement to provide fair tax treatment for agriculture.
“We appreciate the hard work of farm cooperatives and independent dealers to reach a fair and equitable agreement that will prevent unintended consequences from the tax relief law,” said Hoeven. “This agreement ensures that farmers and ranchers receive tax relief and maintains the Section 199 provision in a way that provides market equity and prevents market distortions. The agreement is good for agriculture, which is why we worked with House and Senate leadership to include it in the Fiscal Year 2018 funding legislation so that Congress can get it passed as soon as possible.”
A joint statement on the agreement from the National Council of Farmer Cooperatives and the National Grain and Feed Association is available here. A summary of the agreement reached by stakeholders and lawmakers in the Senate and House can be found here.
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