Beginning the week of Aug. 26, the Washington State Department of Licensing (DOL) will begin taking applications for refunds for ag producers who paid taxes related to the state’s cap and trade program on fuel purchases. The DOL circulated a letter recently containing the following information: What Is the Agriculture Support Program (ASP)? The ASP is a funding opportunity for ... Read More »
From agweb.com The sunset of the Trump Tax Cuts is around the corner and might be here before farmers are ready for it. The current lifetime estate and gift tax exemption is $13.61 million but will be cut in half beginning in 2026. This means most farmers have about 18 months to make some major estate decisions. See the rest ... Read More »
From the Capital Press The Senate and House finalized a spending plan Wednesday that includes $30 million to partially reimburse farmers and truckers who paid cap-and-trade taxes on fuel used to grow and transport farm goods. The budget, which the Legislature was set to adopt Thursday and then adjourn for the year, directs the Department of Licensing to begin issuing ... Read More »
From the Columbia Basin Herald Budget writers in both the Senate and House have suggested allocating $30 million for refunding farmers impacted by the Climate Commitment Act. With the climate program, fuel used for agricultural purposes was supposed to be exempt. According to farmers and truckers in Eastern Washington, that proposal refund falls short. Read the rest of the article here. Read More »
From the Capital Press The Washington Farm Bureau estimates farmers have paid at least $153 million and likely far more this year in cap-and-trade fees, even though lawmakers intended to exempt agriculture from the tax on fossil fuels. Read the rest of the article here. Read More »
From Paul Neiffer, Farm CPA Today Now that President Biden has signed the Inflation Reduction Act of 2022, we can now dig into the details of the bill and how it might affect farmers. Read the rest of the article here. Read More »
From the Capital Press A lawyer for Washington farm groups disputed Friday that the state’s new capital gains tax will pinch only the very rich, telling a Central Washington judge that the pending tax already is influencing business decisions by farmers. Although the tax exempts income from selling livestock or farmland, it will tax capital gains from selling business partnerships ... Read More »
By Paul Neiffer From agweb.com Many farmers will purchase farm inputs such as fertilizer, chemicals, seed, etc. before the end of the year even though the dealer has not delivered these products to the farmer. We call these items prepaid farm expenses. Read the rest of the article here. Read More »
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 »
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 »
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