Commodity groups reinforce call for tax legislation

A cadre of commodity groups have sent a letter to Senate leaders in support of the Tax Relief for American Workers and Families Act.

A coalition of commodity groups has united to press the U.S. Senate to pass the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). After gaining bipartisan approval in the House of Representatives, the act is awaiting further action in the Senate. This legislation is crucial for the agricultural sector, offering significant tax relief and support to farmers, ranchers and other related businesses, according to a letter sent to Senate leaders by the group. 

Nathan Bowen, vice president advocacy and public affairs at the Irrigation Association, Fairfax, Virginia, emphasized the widespread support for the bill.  

“The endorsement of H.R. 7024 by such a diverse group of commodity and agricultural organizations underscores the urgent need for its passage,” he says. “This is about providing a stable environment for our producers and businesses to thrive. Additional support from Congress would demonstrate a strong commitment to the broad spectrum of groups that stand behind this bill.” 

The Tax Relief for American Families and Workers Act aims to make permanent several tax provisions beneficial to the agricultural industry, such as bonus depreciation and other business income adjustments. These measures are seen as vital for helping the sector cope with financial challenges and ensuring continued economic growth within the community. 

Share on social media:



Worker in forklift-truck loading packed goods in huge distributi
Nathan Bowen, advocacy and public affairs vice president for the Irrigation Association, voiced concerns about the bill’s implications.
Professional Mechanical Engineer team Working on Personal Comput
The report covers the role AI plays in manufacturing, highlighting how manufacturers utilize AI as consumers, developers and deployers.
Dollar banknotes and wheat grains. Agricultural income concept
The legislative journey towards a balanced and effective farm bill has been fraught with challenges and steeped in strategic negotiations.