January 15, 2018
Alabama farmers, families and businesses will benefit from the Tax Cuts & Jobs Act President Donald J. Trump signed Dec. 22, said Alabama Farmers Federation President Jimmy Parnell.
“While no tax legislation is perfect, this plan encourages investment and job creation,” Parnell said. “These changes will help America stay on a positive course.”
- Lower tax rates
- Nearly doubles the standard deduction
- Expands the Child Tax Credit
- Preserves deductions for charitable contributions, mortgage interest and state and local taxes
- Farms and businesses can immediately write off the full cost of new equipment
- Estate tax exemption doubled
- Preserves deduction for customary business expenses, such as feed and seed
Visit tinyurl.com/TaxCutsJobs to learn more about the tax law.