In a series of letters to members of the Senate Finance Committee, AFBF called for long-term certainty on tax incentives related to renewable fuel and energy and railroad track maintenance. The organization also called for the repeal of the Health Insurance Tax.
In May, leaders of the Senate Finance Committee announced the formation of several bipartisan task forces to examine 42 temporary tax provisions that expired or will expire between Dec. 31, 2017, and Dec. 31, 2019.
The Finance Committee’s Health Task Force is charged with finding solutions to provide long-term certainty to temporary tax provisions related to health, including the HIT, which increases health insurance costs for farmers, ranchers and other small businesses by imposing a levy on health insurance companies that is passed along to consumers. While the 2019 moratorium is temporarily buffering health insurance costs for one year, the HIT will drive up premiums in 2020.
Read more on why Farm Bureau is alerting Senate Task Forces to farmers’ tax extender priorities.