Agribusiness BlogFarm CPA Today

Will You Be Able To Deduct Interest?

The House Republicans will release a blueprint on June 24 regarding their plans for a tax code overhaul.   This plan includes the following major changes to the tax code:

  • Reduce the corporate tax rate to 20% (from the current 35% rate).
  • Allow 100% business expensing of capital purchases.
  • Eliminate the interest deduction.

This blueprint will be presented on June 24 and we will update you after we review the document, but we wanted to give you a heads up that the House Republicans are very serious about tax reform.  It will not happen in 2016, but it will be on the table for 2017 (no matter who wins the White House or Senate) and the House plans may well be the starting point for any discussions.

Paul Neiffer, CPA

CliftonLarsonAllen LLP

 

  • Principal
  • CliftonLarsonAllen
  • Yakima, Washington
  • 509-823-2920

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

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