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Tax reforms would benefit farmers and ranchersPassage of the Tax Increase Prevention and Reconciliation Act of 2005 into law would contribute to a healthy agriculture economy and benefit the U.S. economy as a whole, the American Farm Bureau Federation told members of Congress May 10. A key provision of the bill for farmers and ranchers is a two-year extension of the 15-percent maximum capital gains tax rate. "Farming and ranching is a capital-intensive industry that requires huge investments in buildings, equipment and land to produce food and fiber. Capital gains taxes hurt farmers and ranchers who expand their operations to produce products in response to demand from U.S. and overseas customers," said AFBF President Bob Stallman. "High capital gains taxes also make it harder for young people to begin farming and ranching," he said. Another important provision in the bill would provide relief for taxpayers from the Alternative Minimum Tax. "Farmers and ranchers pay a disproportionably large share of AMT because many of the exclusions, deductions and credits used to calculate their regular income tax are not allowed under the AMT," explained Stallman. "An extension of the current higher AMT exemption is essential to prevent an unfair tax increase on the nation's agricultural producers." Another provision in the bill would benefit farmers and ranchers by extending enhanced small business expensing levels through 2009. Date: 5/22/06
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