The National Pork Producers Council (NPPC) and a coalition of agricultural groups in a letter to Congress sent last week urged lawmakers to extend previously expired tax provisions that are important to livestock producers.
Among the ones that need to be extended are the Section 179 small business expensing and bonus depreciation provisions, which allow farmers and ranchers to write off capital expenditures in the year assets are bought rather than depreciate them over time.
The groups want the maximum amount that can be expensed restored to $500,000, as it was for the 2010 through 2014 tax years. Under the expired law, the maximum amount is $25,000 adjusted for inflation.
They also asked that the expired 50 percent bonus depreciation for the purchase of new capital assets, including agricultural equipment, be reinstated.