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Shining Light on Farm & Food Policy for 20 Years.
Saturday, December 21, 2024
Those in the biofuel industry and lawmakers from biofuel-heavy districts are expecting enough bipartisan support to preserve the 45Z credit in tax reforms next Congress.
President-elect Donald Trump is bringing China hawk Peter Navarro back to the White House as a top trade adviser, adding to a trade team that features a mix of Wall Street veterans and protectionist policy specialists. In other words, the trade team for Trump’s second term looks a lot like the first.
Key lawmakers are working on a two-pronged approach to help row crop producers who’ve been hit by the downturn in commodity markets. A lot of work remains to be done, but the goal is to attach some kind of ag relief to a one-year farm bill extension in December.
Congressional Republicans are likely to move quickly to carry out President-elect Donald Trump’s top legislative priority by extending expiring tax provisions and enacting new tax cuts, and some farm bill measures could go along for the ride.
The top Republican on the Senate Finance Committee, Idaho Sen. Mike Crapo, warned leaders of the nation’s farmer cooperatives Thursday that U.S. inaction on trade agreements is benefiting China and that both former President Donald Trump and Vice President Kamala Harris pose problems for trade policy.
U.S. Trade Representative Katherine Tai faced another panel of lawmakers frustrated by the Biden administration's trade policies, which do not involve any efforts to negotiate long-term free-trade agreements.
A congressional agreement that would boost the child tax credit and temporarily increase some business tax breaks is paving the way for a major battle coming in 2025 over a range of expiring tax cuts that could cost trillions of dollars to extend.
A bipartisan deal between leaders of the House and Senate tax-writing committees would raise limits on the Section 179 expensing provision that is popular with farmers, and the agreement also would restore a bonus depreciation provision to 100%.
The Senate Finance Committee used a hearing Thursday to highlight the fact that Brazilian packers are producing beef from cattle raised illegally on land once made up of lush Amazon jungle, and some of the beef from those animals may end up in the U.S. market, competing with U.S.-raised product.
Lawmakers express relief that the Biden administration is taking the first steps toward a formal USMCA challenge to Mexico's planned ban on genetically modified white corn, but they stress they don’t want extensive delays that could harm U.S. corn farmers.
