farm management
What the New Tax Law Means for Agriculture and Rural Landowners T
he largest overhaul of the U.S. tax code in three decades went into effect this year, impacting farmers, ranchers and other rural landowners in a variety of ways. For the most part, financial experts anticipate benefits for these groups. “The 2018 tax law changes include several items that I feel will be beneficial to agricultural producers,” says Burl D. Lowery, a Brownwood, Texas, certified public accountant (CPA) and a director of Central Texas Farm Credit. “The increase in the exemption in estate and generation-skipping taxes to $11.2 million in 2018 will allow more farmland to be passed to future generations with less or no estate tax.”
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Lowery and fellow CPA John R. Adams, a director of Alabama Farm Credit, point to several key
SUMMER 2018
“The increase in the exemption in estate and generation-skipping taxes to $11.2 million in 2018 will allow more farmland to be passed to future generations with less or no estate tax.” – Burl D. Lowery, CPA
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