Forums

Tax Year 2025: Potential Impacts and Opportunities for Farmers and the Agriculture Sector

Key provisions from American Rescue Plan Act (ARPA) and the Tax Cuts and Jobs Act (TCJA) have, or will expire, over the next twelve months.  A recent study from the USDA’s Economic Research Service estimated that the expiration of the temporary provisions of the ARPA and TCJA would increase farm households’ federal income tax liabilities by $8.9 billion and estate tax liabilities by $647 million the year following expiration.  Their analysis suggests that the combined effect of the sunsetting of reduced individual income tax rates, the increased standard deduction, a cap on state and local tax deductions, and the elimination of the personal exemptions would have the largest impact on farm households.

The December Farm Foundation® Forum, was held December 12, 2024, 9 – 11 am CST via Zoom.

Watch the Recording

Presentation Slides

Moderator:
Todd Van Hoose
President and Chief Executive Officer, Farm Credit Council

Panelists:
Mark Albright
Public Affairs Specialist – Communication and Liaison – Tax Outreach Partnership and Education, Internal Revenue Service

Kent Bacus
Executive Director, Government Affairs, National Cattlemen’s Beef Association (NCBA)

Tia McDonald
Research Agricultural Economist, USDA Economic Research Service

Paul Neiffer
Agribusiness and Business Advisor, Farm CPA Report

Elizabeth Swanson
National Tax Senior Manager, Pinion