Many provisions in the 2017 Tax Cuts and Jobs Act are set to expire this year.
The American Farm Bureau says that adds a big task to the Congressional to-do list including an update to the tax code.
Many of those expiring provisions provide important relief for farm families.
AFBF Associate Economist Samantha Ayoub says while reductions in the corporate income tax rates were made permanent in 2017, income tax cuts for individuals began to phase out in 2022, with the biggest tax increases are coming with expirations at the end of this year.
For some farm families, grieving the loss of a loved one comes with an additional burden, that being a hefty tax on everything their family member left to them.
Without an act of Congress, the estate tax exemption will drop by 50% to $7.61 million on January 1, 2026, putting the future of thousands of family farms at risk.
