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...