The taxpayer refund bill extends 100 percent deductibility to the self-employed next year. Agriculture is capital intensive. It requires a hefty investment in land, equipment and buildings to continue to produce what America and the rest of the world want to consume. Farmers and ranchers pay punitive capital gains taxes on inflationary rather than real increases in the value of their investments, especially land. The taxpayer refund bill would allow farmers and ranchers to keep more of the money they've earned and re-invest it in ways that make American agriculture even more productive.
Agriculture plays a key role in the Texas economy.
The taxpayer refund bill addresses some of agriculture's most pressing concerns, and would remove some of the largest roadblocks to stability and growth that are embedded in current law.