PATH Bill draws praise from nation's corn growers

A year-end tax bill entitled Protecting Americans from Tax Hikes (PATH) was passed on Friday by Congress, with two provisions of the bill especially affecting farmers.

The bill permanently raises the cap for small business deductions for capital expenses from $25,000 to $500,000. In addition to the cap raise, the PATH Bill also extends the existing bonus depreciation for the purchase of new capital assets for another five years at 50 percent for 2015-2017, 40 percent in 2018 and 30 percent in 2019.

The National Corn Growers Association (NCGA) has been working to get these two provisions passed for the past two years.

“These tax provisions allow farmers to reinvest in their operations – and that has a ripple effect across the entire agriculture industry and rural communities,” NCGA President Chip Bowling said. “When Congress returns to Washington next January, we hope they will roll up their sleeves and tackle important issues for agriculture. Let’s all renew our commitment to working together and finding common ground as we advance the national agenda.”

Organizations in this Story

National Corn Growers Association

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