The U.S. House of Representatives passed its reconciliation bill last week, which contains several key priorities for livestock producers. Among those are important provisions addressing cattle health, disaster recovery and tax relief.
“Cattle farmers and ranchers need Congress to invest in cattle health, strengthen our resources against foreign animal disease, support producers recovering from disasters or depredation and pass tax relief that protects family farms and ranches for future generations,” said NCBA President and Nebraska cattleman Buck Wehrbein.
The reconciliation bill would reimburse cattle producers for losses due to depredation by federally protected predators; expand access to the Livestock Forage Disaster Program for those experiencing drought; continue funding the feral swine eradication program; and strengthen the National Animal Disease Preparedness and Response Program, the National Animal Health Laboratory Network and the National Animal Vaccine and Veterinary Countermeasures Bank.
Additionally, the bill includes tax priorities that would protect the legacy of family operations for future generations. Specifically, it would permanently increase the estate and gift tax exemption amounts to $15 million per individual and $30 million per couple, preserve stepped-up basis, permanently increase the Section 199A small business deduction from 20% to 23%, expand the limitation on the Section 179 expense deduction from $1 million to $2.5 million, reinstate the 100% bonus depreciation for five years and extend the Federal Disaster Tax Relief Act of 2023.
“America’s farming and ranching families sorely need the provisions in this bill to succeed. We strongly urge the Senate to swiftly pass this bill and deliver a win for our nation’s cattle producers,” said NCBA Senior Vice President of Government Affairs Ethan Lane.