“The Working Families Tax Cuts Act is designed to support Ohio’s farmers and the people who grow what America needs to thrive.”
MONROE, OH – Sen. Jon Husted (R-Ohio) today met with leaders in Ohio’s agricultural industry to discuss the strength of the industry and provisions of the Working Families Tax Cuts Act that are benefiting Ohio farmers.
“Ohio farmers export over $5 billion in agricultural products a year. The Working Families Tax Cuts Act is designed to support Ohio’s farmers and the people who grow what America needs to thrive,” said Husted.
Husted highlighted several key provisions in the Working Families Tax Cuts Act that strengthen Ohio’s agricultural industry, including eliminating the death tax for family-run farms, making permanent the 20% Qualified Business Income deduction for farmers and increasing Section 179 expensing limits to help farmers invest in new machinery, equipment and expanded operations.
At the roundtable, Husted discussed his recently introduced USDA Loan Modernization Act—introduced with Sen. Tommy Tuberville (R-Ala.)—which removes outdated eligibility barriers that prevent modern family farms from accessing USDA loan programs.
“Ninety-five percent of farms in Ohio are family-owned and operated, and under current rules are locked out of growth opportunities, limiting their ability to expand and pass their legacy on to the next generation,” said Husted.
The USDA Loan Modernization Act would update Farm Service Agency loan eligibility standards to better reflect the structure of today’s multi-generational, family-owned farms, expanding access to guaranteed and direct operating, emergency and real estate loans for producers across the country.
Full text of the bill is available here.