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AG SEC'Y PERDUE CONFIDENT CO-OPS' GRAIN BUYING TAX ADVANTAGE WILL BE FIXED
Mar. 2, 2018
BrownfieldAgNews reports:
Ag Secretary Sonny Perdue is confident that Congress will fix the 199A tax provision that gives farmers a financial incentive to sell to co-ops.
"I would advise co-ops and members of co-ops not to spike the ball on this thing because, frankly, if this provision is left in there, every farmer in America will be a member, or form a co-op of one, two or three members," Perdue says. "I think the American public would figure that out pretty quickly, as well as CBO would figure that out pretty quickly-what that would do to the tax balance of revenue income."
Perdue says he's heard from senators that a fix is in the making, "and I believe it will be retroactive to the first of the year."
Perdue discussed the issue with reporters at Commodity Classic in Anaheim, California.
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