Senators Welcome Agreement to Address Tax Inequity for Agricultural Businesses

WASHINGTON –Senate Finance Committee Chairman Orrin Hatch (R-Utah) today joined U.S. Senators Chuck Grassley (R-Iowa), Pat Roberts (R-Kan.), John Thune (R-S.D.) and John Hoeven (R-N.D.) in issuing the following joint statement regarding an agreement to provide fair tax treatment for all agricultural businesses: 

“The new, pro-growth tax law was designed to lift hard-working, middle-class families – whether they are farmers, ranchers or entrepreneurs – and the economy as a whole. After discovering an unintended consequence that created an inequity within the agricultural business community, we’ve worked extensively with stakeholders, our colleagues and the administration to develop a solution that will level the playing field and ensure the nation’s cooperatives, independent small businesses and publicly traded firms can fairly benefit from pro-growth tax reform. The stakeholder-driven agreement announced today achieves this goal and restores balanced competition within the marketplace. We’re committed to working with our colleagues to act swiftly on the measure and get it signed into law as soon as possible.” 

A summary of the agreement reached by stakeholders and lawmakers in the Senate and House can be found here.