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Senate tax plan may hit farmers with new limits and breaks
The Senate finished its tax reform bill, likely to pass in June, and the Finance Committee approved 20 to 0. It tightens pretax farm deductions, allows 50 percent health premium write offs for self employed farmers, lets heirs sell holdings after 10 years tax free, eases penalties on troubled farm loans, extends depreciation to 10 years for single purpose ag structures, and extends ag development bonds to 1988, while repealing many IRA deductions and cutting top rates.
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Senate
Senate Finance Committee