No Section 199A Fix in Budget
As the U.S. Senate's two party leaders were on the floor early Wednesday afternoon swooning over their bipartisan budget deal, Sen. John Thune walked briskly down a hallway in one of the Senate office buildings.
As he was approached and asked whether the budget deal contained a change for the new Section 199A deduction in the tax law, Thune, a Republican from South Dakota, kept walking but said, "We're working on it."
Shortly after that, Sen. John Hoeven, R-N.D., another architect of the tax language that has caused problems in the grain business, came walking down the same hallway. The conversation went much the same way. "We're continuing to work on it, and doing our best to continue to get folks to work together," Hoeven said.
Randy Gordon, president the National Grain and Feed Association, confirmed the Senate budget deal announced Wednesday did not include any tax language addressing the sale of commodities to cooperatives or private grain companies. Gordon stated, "Work continues."
Click Here to read more.