USRPA Signs on in Support of Preserving Crop Insurance Funding

This week, USRPA joined other agriculture organizations in advocating against spending cuts for the crop insurance program. In a letter to Secretary of Agriculture Tom Vilsack and Director of the Office of Management and Budget Shalanda Young, they cite the challenges faced by producers as a reason to avoid funding cuts to the program. Agencies are currently working on finalizing their funding requests for fiscal year 2025, which will be compiled to form the President’s Budget Request. The letter can be found here.

House Ways and Means Approves Tax Package

On January 19, the House Ways and Means Committee approved a tax bill which addresses a variety of business tax policies as well as expands the child tax credit. The bipartisan tax proposal was released earlier last week by the Ways and Means Chairman Jason Smith (R-MO) and the Chairman of the Senate Finance Committee Ron Wyden (D-OR). Of note to agriculture, the bill includes provisions to raise limits on the Section 179 expensing provision as well as restore bonus depreciation. These provisions are both often used by those in the agriculture sector to write off expenses related to farm equipment and machinery. It does not address any tax policies which expire in 2025, including the Section 199A deduction on pass through income for agricultural cooperatives. The bill was approved by the Committee on a bipartisan 40-3 vote; the three no votes were all from Democratic members. The full House may consider the bill as early as next week. It remains to be seen when the Senate may consider the bill.