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.