Tag Archives: taxes

NAWG responds to Ways and Means Committee advancing reconciliation tax changes

From the National Association of Wheat Growers Yesterday, the House Ways and Means Committees advanced its contributions to the proposed $3.5 trillion budget reconciliation package, which included provisions to offset components of the bill. The National Association of Wheat Growers (NAWG) is glad to see that proposals to tax capital gains at death were not included in the committee advanced ... Read More »

Judge: Washington Farm Bureau can sue to stop capital gains tax

From the Capital Press The Washington Farm Bureau can challenge the state’s capital gains tax before it takes effect, rather than wait for farmers to be taxed, Douglas County Superior Court Judge Brian Huber has ruled. Read the rest of the article here. Read More »

Washington AG: Farmers can’t contest capital gains tax until they pay it

From the Capital Press Washington state attorneys sought Wednesday to scuttle a lawsuit filed by farmers and others against the state’s new capital gains tax, arguing no one can challenge it until they pay it. Farmers are only speculating that beginning next year they will owe the 7% tax on capital gains over $250,000, Solicitor General Noah Purcell told a ... Read More »

Washington farm groups join fray over capital gains tax

From the Capital Press Washington’s pending capital gains tax will burden farmers and ranchers and influence investment decisions, eight agricultural groups assert in a court document. The groups filed an amicus brief July 16 in Douglas County Superior Court, supporting a lawsuit filed by the Washington Farm Bureau and some of its members challenging the tax’s constitutionality. Read the rest ... Read More »

House ag chair: Shield farmers from high taxes for Biden projects

From agriculture.com The Biden administration could “impose a significant financial burden” on farm families with its proposal for stricter application of capital gains taxes, said House Agriculture chairman David Scott on Wednesday. Scott also said any increase in estate taxes “for those taking over farmland is untenable.” Read the rest of the article here. Read More »

Preserving family farms act to help ease the burden of estate taxes

From agdaily.com Defining estate tax regulations for farmers has been a hot topic this year. In an effort to preserve family farms for generations to come, Rep. Jimmy Panetta (D-CA) and Rep. Jackie Walorski (R-IN) introduced the bipartisan Preserving Family Farms Act. The legislation would help family-owned farms continue operations after a loved one has passed by easing the burden ... Read More »

State legislative report 0307: Senate passes capital gains tax

By Diana Carlen WAWG Lobbyist Thursday marked the halfway point of this year’s 105-day regular legislative session, which is scheduled to end on April 25. Lawmakers in both chambers have been debating and taking votes on dozens of bills in lengthy day and late evening sessions for the past two weeks. Unless considered Necessary to Implement the Budget, all bills ... Read More »

Washington farm groups seek changes to capital gains tax bill

From the Capital Press Farm groups are lobbying to amend a capital gains tax proposal, hoping to head off a tax hit for cattlemen and retired farmers. As proposed by Gov. Jay Inslee and introduced by Democrats in the Legislature, active farmers and ranchers who sell their land would be exempted from the tax on gains from the one-time sale ... Read More »

Some SE guidance–just not all good

By Paul Nieffer Farm CPA Today The SBA issued some additional Interim Final Rules earlier this week and most of it dealt with self-employed taxpayers.  We were hoping that gross receipts would qualify.  For an Uber driver it might if they only received a Form 1099 from Uber and have little or no expenses. For the typical SE farmer, it ... Read More »

Policy center adds up tax burden Washington farmers pay

From the Capital Press A Washington think tank has released a new white paper tallying the tax burden the state’s 39,000 farmers pay. The total in 2018 was nearly $923 million, according to the Washington Policy Center, a nonprofit think tank. Read the rest of the article here. Read More »