National Farmers Union (NFU) President Roger Johnson sent a letter to U.S. Senate Committee on Finance leaders expressing priorities for the renewal of expiring tax provisions in advance of the committee’s markup of the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act.
Johnson praised Chairman Ron Wyden, D-Ore., and Ranking Member Orrin Hatch, R-Utah, for maintaining the $500,000 maximum deduction for farm machinery, which will help family farmers and ranchers improve their businesses.
The draft legislation also extends tax credits for biodiesel, cellulosic biofuels and energy efficiency but omits other crucial provisions, such as extensions of the Production Tax Credit and Investment Tax Credit for renewable energy. Johnson said, “Our country lacks a comprehensive, national energy strategy that moves us toward energy independence and helps mitigate the effects of climate change. These tax credits are some of the only policies we have that support the development of renewable energy, particularly wind and solar. Failure to renew these provisions would be taking a giant step backward.”
In the letter, Johnson also expressed disappointment in the legislation’s continuation of tax loopholes for the largest corporations. “Given the widening income inequality gap and our national debt, we cannot afford this sort of tax break,” said Johnson. “Every dollar lost because of these loopholes is one less dollar available to invest in jobs, infrastructure, food for the hungry or to reduce the deficit.”
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