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Illinois Soybean Growers Welcomes Federal Tax Credit Extension

The Illinois Soybean Growers (ISG) supports the U.S. Congress’ short-term extension of several key tax credits for 2014, including the dollar-per-gallon biodiesel tax credit.

Known as the Tax Increase Prevention Act of 2014, the bill extends certain expiring tax provisions relating to individuals, businesses and the energy sector. Other sections of the bill affecting Illinois soybean growers include an extension of farm equipment and infrastructure expensing under the Section 179 provision, and bonus depreciation on farm assets.

The Senate voted on House bill H.R. 5771 to renew the tax credits. The U.S. House of Representatives previously approved the measure by a 378-46 margin. This legislation will allow Illinois soybean growers to claim the related benefits on their 2014 tax returns.

ISG appreciates Congress’ action to extend these tax provisions for 2014, but is disappointed that the decision did not include a commitment to provide a long-term solution.

“As a soybean grower, I welcome this federal tax extension as it provides continuity and stability for my fellow producers who use these programs,” says Stan Born, soybean farmer from Dunlap, Ill., and an ISG director. “However, farming requires long-term planning and, consequently, we need a more permanent solution. I hope that both chambers will work together on a resolution and extend these critical tax incentives into the future.”

Illinois Soybean Growers (ISG) is a membership organization serving more than 45,000 Illinois soybean growers. ISG provides advocacy in Springfield and Washington, D.C., to promote the interests of soybean farmers, and research, promotion and education programs that enhance soybean production and use. For more information, visit the website www.ilsoygrowers.org.