Tax Reform in House and Senate and Arkansas Bans Dicamba
**Tax reform packages in both the House and Senate are moving forward.
The House Ways and Means Committee passed the Tax Cuts and Jobs Act which lessens the impact self-employment and income taxes have on producers from its original version.
While similar to the House version, the Senate Finance Committee released its tax reform bill that doubles the estate tax exemption but does not repeal the estate tax.
American Farm Bureau President Zippy Duvall welcomes the House bill, saying it preserves many critical tax provisions that farmers and ranchers need to manage tight margins and unpredictable income.
**The Arkansas State Plant Board voted 10-3 last week to ban dicamba use between April 16th and October 31st next year, a move fiercely opposed by Monsanto, which sells dicamba-tolerant seed and a low-volatility dicamba herbicide.
According to Agri-Pulse, the board voted last month to recommend the seasonal ban, kicking off a public comment period followed by the public hearing and vote that took place in Little Rock.
The ban now goes to the executive committee for final approval.
**Good news for the U.S. ethanol industry and exporters of the ethanol co-product known as distillers dried grains.
As reported in Agri-Pulse, China is removing its 11 percent value added tax on DDGs, a nutrient-rich animal feed ingredient.
U.S. Grains Council CEO Tom Sleight says the action is effective immediately and calls China’s removal of the VAT, “very significant.”