It Appears the Tax Bill is Dead

Now that both Senator McConnell and Thune are against the Tax Bill, it appears that there will not be an extension of 100% bonus depreciation this year.

Photo by Jon Flobrant on Unsplash

It appears that Senate Republicans will kill the Tax Relief for American Families and Workers Act. For farmers, the Act would make bonus depreciation 100% deductible effective the beginning of 2023.

Also, younger farmers with kids may have been able to more fully use child tax credits. Other changes dealing with business interest deductibility and research expense amortization were also included in the bill.