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Iowa farmers tell Ways and Means tax changes threaten multigenerational farms; panel backs biofuels credits
Summary
Leaders of Iowa farming groups and family farmers told the House committee that stepped‑up basis, bonus depreciation and estate-tax protections are essential to passing farms to the next generation; witnesses urged Congress to preserve those provisions and to support biofuels tax credits such as section 45Z/45C to expand markets.
Joanne Riesen, president of the Iowa Corn Growers Association and a second‑generation farmer, told the House Ways and Means Committee that provisions in the 2017 tax law are central to keeping family farms viable and to facilitating intergenerational transfers. "If these tax provisions change, it will be catastrophic for us and so many others who need their land and equipment to keep in farm off, to keep the farm…
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