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Authors & Organizational Affiliation

Section 1 — Common Ground

• Emmanuelle Mikosz — Director General, Forum for the Future of Agriculture (EU)
• Tyler McCann — Managing Director, Canadian Agri-Policy Institute (Canada)
• Katie McRobert — Executive Director, Australian Farm Institute (Australia)
• Shari Rogge-Fidler — President & CEO, Farm Foundation (United States)

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Section 2 — Deep Dives

• Michael Robertson, Andy Hall, Rohan Nelson — Commonwealth Scientific and Industrial Research Organisation (CSIRO – Australia)
• Gail Tavill — Chief Sustainability Officer, OSI Group (United States)
• Dr. Tassos Haniotis — Special Advisor for Sustainable Productivity, Forum for the Future of Agriculture (EU); Senior Guest Research Scholar, International Institute for Applied Systems Analysis (IIASA)
• Vivian Hoffmann — Senior Research Fellow, International Food Policy Research Institute (IFPRI); Associate Professor, Carleton University, Department of Economics and School of Public Policy and Administration

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Section 3 — What We Learned

• GFFPI Leadership Team, and
• Dr. Sunghun Lim — Agricultural Economics Fellow, Farm Foundation

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About GFFPI 

The Global Forum on Farm Policy and Innovation (GFFPI) is a collaborative platform formed by four leading independent agricultural institutes from Australia, Canada, the European Union, and the United States. The partnership uses evidence-based insights and emerging research to fuel dialogue, unlock new thinking, and identify opportunities to advance sustainable agriculture globally. 

Founding organizations: 

• Australian Farm Institute 

• Canadian Agri-Food Policy Institute 

• Farm Foundation 

• Forum for the Future of Agriculture 

The post Finding Common Ground in a Divided World appeared first on Farm Foundation.

The December Farm Foundation Forum, Tax Year 2025: Potential Impacts and Opportunities for Farmers and the Agriculture Sector, covered the possible outcomes and impacts for farms and the greater agricultural sector from potential changes to taxation policy in 2025 and beyond. Some key aspects discussed included the impact of expiring tax provisions, and specific issues like estate tax and bonus depreciation. 

The conversation was moderated by Todd Van Hoose, president and CEO of Farm Credit Council, and included input from Mark Albright, public affairs specialist in tax outreach partnership and education at the Internal Revenue Service; Kent Bacus, executive director of government affairs at National Cattlemen’s Beef Association; Tia McDonald, research agricultural economist with USDA Economic Research Service; Paul Neiffer, agribusiness and business advisor with Farm CPA Report; and Elizabeth Swanson, national tax senior manager with Pinion. 

Below are some of the main points presented by the panel. 

1. Expiring Tax Provisions: Expiring tax provisions, including key provisions from the Tax Cuts and Jobs Act (TCJA) and the American Rescue Plan Act (ARPA), will impact farm households. These include the child tax credit, earned income tax credit, estate tax exemptions, and bonus depreciation, set to expire by the end of 2025. 

2. Impact on Tax Liabilities: Expiring provisions are expected to increase tax liabilities by nearly $9 billion, with $650 million coming from the estate tax exemptions. The most significant increase will come from the expiration of changes to federal income tax rates, the removal of the state and local tax cap, and the reinstatement of the personal exemption. 

3. Qualified Business Income (QBI) Deduction: The QBI deduction, which allows farm businesses to deduct 20% of their income, will be affected by expiring provisions. Larger farms benefit more from this deduction, but moderate-sales farms face the highest percentage increase in taxes due to the expiration of this provision. 

4. Estate Tax and Exemptions: A major concern for farm households is the estate tax exemption, which will be halved in 2026, potentially leading to higher estate tax liabilities for farm families.  

5. Concerns Over Bonus Depreciation: The phase-out of bonus depreciation, which allows faster write-offs of equipment costs, poses a risk to farm businesses that rely on capital-intensive equipment. The expiration could lead to significant tax burdens unless replaced with alternative provisions. 

6. CTA Compliance and Penalties: The Corporate Transparency Act (CTA) mandates reporting beneficial ownership information for entities like LLCs. Failure to comply with CTA filing requirements can result in significant penalties. However, on December 3, 2024, the U.S. District Court for the Eastern District of Texas entered a preliminary injunction suspending enforcement of the Corporate Transparency Act (CTA) and its implementation of regulations nationwide. 

7. IRS Resources for Farmers: Various IRS resources are available to farmers, including the Farmers Tax Guide, tax tips for farmers, and an online Agricultural Tax Center. These tools help farmers navigate tax complexities, especially regarding crop insurance, disaster payments, and updated provisions like mileage rates and self-employment tax thresholds. 

The two-hour discussion, including the audience question and answer session, was recorded and is archived on the Farm Foundation website.  

Please note: This summary was created with the help of ChatGPT. Please refer to the recorded session for full details. 

The post Farm Foundation Forum Detailed Possible Impacts of Upcoming Changes to Taxation Policy appeared first on Farm Foundation.