Thanks to President Trump's Working Families Tax Cuts, our farmers have seen: — Full expensing provided for farm…

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What are the specific changes to agricultural tax provisions — including expensing rules, capital gains treatment on farmland, rural deductions, and the estate and gift tax exemption — enacted in U.S. federal tax legislation in 2025?

• The IRS's 2025 Schedule F instructions state that P.L. 119-21 restored 100% bonus depreciation for qualified property acquired after January 19, 2025, with property placed in service between January 1 and January 19, 2025 remaining subject to prior-law phase-down rules. 2025 “The 100% special depreciation allowance is restored for qualified property acquired after January 19, 2025.” — irs.gov ↗
• The IRS's 2025 Schedule F instructions report that the maximum Section 179 expensing deduction for tax years beginning in 2025 is $2,500,000, phasing out when section 179 property placed in service exceeds $4,000,000. 2025 “For tax years beginning in 2025, the maximum section 179 expense deduction is $2,500,000. This amount is reduced by the amount by which the cost of section 179 property placed in service during the year exceeds $4,000,000.” — irs.gov ↗
• The Senate Finance Committee's section-by-section summary of P.L. 119-21 (signed July 4, 2025) describes Sec. 70106 as extending and enhancing the increased estate and gift tax exemption amounts originally established by the TCJA. As signed into law on July 4, 2025 “Sec. 70106. Extension and enhancement of increased estate and gift tax exemption amounts.” — finance.senate.gov ↗

How did previous changes to farm-related tax provisions — such as bonus depreciation, estate tax exemptions, and capital gains rules — affect farm income, land ownership consolidation, and the number of family farms?

• USDA ERS found that farm-favorable tax provisions — including accelerated depreciation and capital gains treatment — exert upward pressure on farmland values and support trends increasing the number of very small and large farms, while the influence of lower marginal tax rates is less than in earlier decades. April 2001 “These provisions exert upward pressure on farmland values and help support ongoing trends that increase the number of very small and large farms.” — ers.usda.gov ↗
• USDA ERS research found that for every $1,000 increase in the Section 179 accelerated depreciation deduction amount, farms made an incremental asset investment of between $320 and $1,110, based on farm-level data from 1996 to 2012. November 2017 (data period 1996–2012) “For every $1,000 increase in the section 179 amount, the research found that farms made an incremental asset investment between $320 and $1,110.” — ers.usda.gov ↗
• USDA ERS estimated that expiration of temporary TCJA and ARPA tax provisions would increase farm households' Federal income tax liabilities by $8.9 billion and estate tax liabilities by $647 million in the year following expiration. February 2024 “The expiration of the temporary provisions of the ARPA and TCJA would increase farm households' Federal income tax liabilities by $8.9 billion and estate tax liabilities by $647 million the year following expiration.” — ers.usda.gov ↗

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