Dawn Caldwell | Head of Government Affairs
Taxes are Top of Mind
Congress passed the new Tax Cuts and Jobs Act, which was signed by President Trump December 22, 2017. Most of agriculture feels positive about the new tax rules, which have been outlined and highlighted in countless articles the past several weeks. One thing is certain, accountants will be busy helping clients understand and implement according to the new guidelines! Your Aurora Cooperative leadership is actively engaged in conversations about the new Section 199A language and opportunities it may offer. More details to come as they arise.
The Nebraska Unicameral spent the past two weeks introducing new bills, as they kicked off the second session of the 115th Legislature. This will be a 60-day session with committee hearings beginning tomorrow, January 16. State funding and property tax relief are expected to dominate this short session. To bills to pay particular attention to are LB947 – called the Property Tax Cuts and Opportunity Act, which was offered by Revenue Committee Chairman Jim Smith on behalf of the Governor; and LB829 – called the Property Tax Relief Act, which is a property tax relief bill introduced by Senator Steve Erdman of Bayard.
President Trump as stated there is “No Rush” for NAFTA withdrawal. He said he recognized that Mexico’s upcoming election leaves them extremely limited in their ability to negotiate. He did not write off the possibility of a withdrawal, but Trump said he would rather be able to negotiate a new deal. “We’ve made a lot of headway,” he said. “We’re moving along nicely.” His words could offer some breathing room in the tense negotiations as the sixth round of NAFTA talks is less than two weeks away. Negotiators from the U.S., Mexico, and Canada have stated that they want to wrap up talks at the end of March.
It is anticipated we will see language sooner than later for the 2018 Farm Bill. You may click on this link to the House Committee on Agriculture Blog that you may wish to follow as the process moves along.