Action Alert: Family Farmer & Rancher Tax Fairness Act
December 13, 2022
The Inflation Reduction Act offered a vital lifeline to many farmers when it authorized debt relief for economically distressed farmers and payments to those who have experienced discrimination. However, under current law those borrowers will still face a tax liability on those payments. A new bill introduced by Senator Booker on December 8 would remedy that tax burden by making both debt relief and discrimination payments under the IRA non-taxable.
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