Daily Tax Report ®

Farm Cooperative Write-Off Rules Under White House Review

May 19, 2020, 11:26 AM

The White House is reviewing final rules for the application of a tax break in the 2017 tax act to farming cooperatives.

Proposed rules (REG-118425-18) for how the 2017 tax law’s 20% deduction for pass-through businesses applies to co-ops sparked criticism from agricultural groups, as well as lawmakers and Sunkist. Pass-through businesses are entities taxed at the individual owner level.

  • The final rules reached the White House Office of Management and Budget Monday, according to an update of its website.
  • The rules come after lawmakers fixed a 2017 tax law error known as the “grain...

To read the full article log in. To learn more about a subscription click here.