Congress Permanently Extends Several Key Tax Breaks

On Friday, December 18, 2015, President Obama signed into law a massive bill authorizing $1.1 trillion in spending and $680 billion in tax cuts. While we have become accustomed to waiting until year-end (or sometimes new year) to see already-expired tax cuts temporarily revived, this new law actually makes permanent (or largely extends) several important tax breaks. For this reason, the Protecting Americans from Tax Hikes Act of 2015 is different from its predecessors. The new Act provides welcomed certainty for farm producers and others who often base purchasing or investment decisions on their tax consequences.

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