Iowa Farm Bureau president wants more clarity on federal tax policy
Farmers and farm organizations concerned about possible changes to the estate tax are looking for more clarity from the Biden administration.
Iowa Farm Bureau president Craig Hill says there’s a lot of uncertainty in government and the direction policy will take agriculture.
“Farm transfers to one generation from another shouldn’t be one where a family needs to go out and borrow millions of dollars to pay a tax bill of which the family has owned the property and worked the property all those years and wants to continue as a family farm.”
The President’s American Families Plan proposed significant tax law changes including the elimination of stepped-up basis. Biden has suggested there will be protections for farm families and small businesses, But Hill tells Brownfield there aren’t enough details.
“So when it comes to some of those issues, we’re very very worried, and very watchful. I think we’re very engaged as well.”
He says Farm Bureau wants to protect family farms from huge tax burdens when a transition occurs.
Brownfield interviewed Hill during the Iowa State Fair.