Farm Bureau Supported Tax Provisions

that Expire at the End of  2009.

Farm Bureau Supported Legislation.

(Listed bills have been introduced by a Finance or Ways and Means Committee member.)

RENEWABLE ENERGY

Incentives for biodiesel, renewable diesel and for small agri-biodiesel producers.

S. 1589, The Biodiesel Tax Incentive Reform and Extension Act, introduced by Sens. Maria Cantwell (D-Wash.) and Chuck Grassley (R-Iowa).

Tax incentives for electricity produced at open-loop biomass facilities.

S. 870, introduced by Sens. Blanche Lincoln (D- Ark.), Pat Roberts (R-Kan.) and Olympia Snowe (R-Maine).

H. R. 2528, introduced by Rep. Kendrick Meek (D-Fla.).

INDIVIDUAL

Additional standard deduction for state and local real property taxes.

Increased Alternative Minimum Tax (AMT) exemption amount.

FARM BUSINESS

Five-year depreciation for farming business machinery and equipment.

Introduction of Senate and House bills expected in September.

Increase in small business expensing limits of $250,000/$800,000 (Code section 179).

Included in S. 1381, Small Business Tax Relief Act of 2009 introduced by Sen. Chuck Grassley (R-Iowa). (Farm Bureau has no position on this bill.)

Included in S. 156, the Small Business Stimulus Act of 2009, introduced by Sens. Olympia Snowe (R- Maine) John Kerry (D-Mass.) and Mary Landrieu (D- La.) (Farm Bureau has no position on this bill.)

Enhanced charitable deduction for donated food.

S. 1313, The Good Samaritan Hunger Relief Tax Incentive Extension Act of 2009, introduced by Senators Richard Lugar (R- Ind.), Patrick Leahy (D-Vt.), Blanche Lincoln (R-Ark.), Richard Durbin (D-Ill.), Bernard Sanders (I-Vt.) and Pat Roberts (R-Kan.).

H.R. 3227, introduced by Reps. Sander Levin (D-Mich.) and Geoff Davis (R-Ky.).

In addition to extending the tax deduction, the legislation would expand eligibility so that cash method as well and accrual method farmers could take the deduction.

Deduction of state and local sales taxes.

Enhanced tax deduction for donating a conservation easement.

S.812, introduced by Sens. Max Baucus (D-Mont.) and Chuck Grassley (R-Iowa), the Rural Heritage Conservation Extension Act of 2009.

H.R. 1831, the Conservation Easement Incentive Act of 2009introduced by Reps. Mike Thompson (D-Calif.) and Eric Cantor (R-Va.),.

TRANSPORTATION

Tax credits for maintaining short-line railroad tracks.

OTHER

Fair market tax treatment of rent, royalties, and interest paid to controlling exempt organizations for Unrelated Business Income Tax  (UBIT).