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Farm Equipment Depreciation Act Introduced
USAgNet - 02/12/2016

A bipartisan group of federal lawmakers is introducing legislation to make the tax code fairer for farmers by shortening the depreciation schedule for ag equipment from seven years to five. The 'Fairness for Agricultural Machinery and Equipment,' or FAME Act would treat farm machinery the same as construction equipment.

Supporters say a shorter depreciation schedule means that farmers can deduct the costs of new investments in farm equipment from their taxable income over a shorter period of time. This will allow farmers to recover the cost of equipment sooner and, therefore, encourage farmers to make investments to grow their business and spur growth in farm equipment manufacturing.

Co-Sponsors of the Act include Reps. Ralph Abraham, R-Louisiana; Rick Crawford, R-Arkansas; Jeff Denham, R-California; Ron Kind, D-Wisconsin; Sanford Bishop, D-Georgia; Frank Lucas, R-Oklahoma; Brad Ashford, D-Nebraska; Mike Pompeo, R-Kansas; and Rod Blum, R-Iowa.


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