How the Omnibus Spending Bill Impacts Agriculture
When Congress passed the Tax Cuts and Jobs Act bill back in December, there were provisions giving additional advantages in form of deductions to producers who sold grain to cooperatives that did not exist for farmers selling to independent buyers. When this was discovered, numerous Congressmen said this was an inadvertent error that would be remedied. The spending bill corrected this “grain glitch” in Division T, Section 101, which essentially does away with the deduction advantaged given to coops under the Tax Cuts and Jobs Act. [node:read-more:link]