Corn grower leaders reflected on tax provisions affecting their industry as Americans filed taxes on Apr. 15, the first Tax Day since the Working Families Tax Cuts (H.R. 1) became law in July last year. The National Corn Growers Association President Jed Bower said, “We are appreciative that several tax provisions in the Working Families Tax Cuts were permanently extended to the benefit of the nation’s corn growers. The certainty that comes with these tax provisions is extremely helpful as we navigate some really tough economic times.”
The new law made permanent several federal tax measures, including the qualified business income deduction, 100% bonus depreciation, and a higher estate tax exemption. It also extended incentives for biofuels through the Clean Fuel Production or “45z” Credit for sustainable aviation fuel.
Bower said these changes addressed many of the association’s previous concerns and would allow them to focus on new policies supporting growth in agriculture. “Now that we have the stable foundation with federal tax policy, corn farmers can continue working with Congress on policies that will build immediate and long-term demand growth for corn and ethanol,” Bower said. “These policies include a tax incentive for biobased materials that would expand domestic manufacturing and year-round E15, which would help improve corn prices and save Americans money at the pump.”
Grain Journal provides publications and resources focused on the grain and feed industry according to its official website. The publication manages office facilities at 4800 Olson Memorial Highway in Golden Valley, Minnesota according to its official website.
Grain Journal belongs to a group of specialized publications such as Milling Journal and Seed Today according to its official website. Its coverage extends across the grain and feed industry throughout the United States according to its official website.
The publication offers a bi-monthly print magazine along with digital content and e-newsletters while operating within this sector according to its official website. Grain Journal serves readers by providing information relevant for those involved in all aspects of grain handling across America.
