December 14,2007

Baucus Wins on Agriculture Tax Package As Senate Approves Comprehensive Farm Bill

Package offers reliable disaster assistance, tax relief for farmers & ranchers

Washington, DC – Senate Finance Committee Chairman Max Baucus (D-Mont.) has won passage of a package of agriculture tax measures as part of the comprehensive farm bill approved by the Senate today. Baucus’s Heartland, Habitat, Harvest, and Horticulture – or “4-H” – Act creates a trust fund to help ranchers and farmers hurt by crop and livestock losses, convert a number of conservation payment programs into fully-offset tax credit programs, and offer additional incentives for rural economic development and energy-related tax relief to aid agricultural producers. Creating the disaster assistance trust fund and converting payment programs to tax credits also freed up previously obligated spending funds for the Agriculture Committee to use elsewhere in farm bill spending.

“America’s farmers and ranchers can sleep a little easier tonight, knowing that a sensible
and stable disaster relief program is on the way from Congress. Our hardworking agricultural producers deserve a strong safety net and more money in their pockets through this much-needed tax relief. The agriculture tax provisions the Senate approved today will recognize the sacrifices of farming families, reward their efforts to conserve American land, and revitalize the rural communities where they live,”
Baucus said. “And after a disappointing vote on the energy bill, I’m glad to get another bite at the energy apple with some of the important tax incentives included in this package. These provisions were chosen specifically to help ranchers, farmers, and all Americans take advantage of new energy options, and use today’s energy sources more efficiently.”

A summary of the package is included in the printer-friendly version of this release.  Scores
are estimated pending final tables from the Joint Committee on Taxation.