The United States Senate has already given the go signal for the latest tax reform bill and it will offer a number of benefits to farmers. There are a few differences between the House bill and Senate bill of tax reform. United States Representative, Earl Carter, said to the delegates of the Georgia Farm Bureau Federation that a conference committee will be in charge to finalize these differences. Meanwhile, Georgia Tax ID form is ready for those who wish to apply.
Carter said that they are working on a bill for tax reform and he is going to participate in a vote to determine the members of the conference committee who will work out the differences between the Senate and the House bill.
A tax reform is necessary, according to Carter because the current tax code is twice the length of the Bible. He added that the Bible has good news while the tax code does not have any.
He said that the tax reform will include good news for the farmers but it is included in one of the differences which fell in the estate tax. The version of the House proposes that the estate tax should be eliminated while the Senate bill proposes that the exemption should be increased to $22 million. the current estates tax exemption is only $5.5 million.
Talking to the delegates, he said that the estate taxes are currently a burden to family farms. Members of the House said that removing what they refer to as the death tax will make it possible for farm members to transfer their family farms to the next generation in the family. In the absence of an heir, these farmers are forced to sell some of their operations in order to cover the amount needed for estate taxes.
He said that most estates are already incorporated thus if the corporate taxes are to be reduced then the farmers will be able to benefit from it. The Congress is also busy coming up with a spending bill which is necessary. The role of the tax payers now is to get a Georgia Tax ID form to start their applications.