The tax reform legislation passed by the U.S. Senate over the weekend is drawing varied reactions from South Dakota farm groups.
South Dakota Farmers Union President Doug Sombke says neither the Senate nor House tax bills will help farmers, and may actually end up costing them financially.
He says the Senate made a bad decision passing legislation that adds to the federal deficit, and gives tax relief to the wealthiest
Sombke says the tax bill adding to the deficit will also mean less money for the farm bill.
Sombke says the House tax reform bill doesn’t treat agriculture any better than the Senate legislation.
South Dakota Farm Bureau President Scott VanderWal was pleased with the approval, and says there are many components in it that will benefit farmers and ranchers.
He says the expensing provisions are particularly helpful for agriculture.
VanderWal says the key to passage was lawmaker’s determination to get it accomplished.
VanderWal expects the Senate-House conference committee to move quickly this week to complete a final measure and get it to the President for his signature before the end of the year.