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Tag Archives: taxes

U.S. HOUSE ADOPTS BUDGET PLAN

House Republicans today narrowly adopted a budget resolution, moving President Donald Trump one step closer to his goal of passing a major tax code overhaul before the end of the year. The budget blueprint allows Congress to enact tax cuts later that increase the federal deficit by up to $1.5 trillion over 10 years. The… read more

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RYAN: TAX PLAN UNLIKELY TO SWELL DEFICIT

In an interview Wednesday with Reuters, House Speaker Paul Ryan said Republicans’ tax plan is unlikely to grow the deficit because it will spur for investment and job growth. “We believe we’ll get faster economic growth,” Ryan said. “We don’t anticipate a big deficit from this tax reform because we will broaden the base and… read more

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SENATE TO MOVE ON TAX REFORM

The U.S. Senate is poised to vote Thursday on a budget measure that would help Republicans pass President Donald Trump’s overhaul of the tax code without Democratic support. Included in a fiscal year 2018 budget resolution, a legislative tool called reconciliation will allow Republicans to advance tax legislation with a simple majority vote. (Reuters)

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EXTRA TIME TO FILE TAXES

The state of Illinois will waive penalties and interest for taxpayers who cannot file or pay on time as a result of flooding that occurred in recent weeks. The waiver applies to residents and businesses in 23 counties declared disaster areas as a result of flooding in December and January.

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179 UPDATE

The House today approved the Section 179 plan; and will deal with COOL on Friday.  The Senate is expected to follow. Check FarmWeekNow.com for the latest on our action request.

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REVENUE CAN STAY OPEN

With tax season about to gear up, the Illinois Department of Revenue will be able to send out tax notices and pay some vendors due to to a recent appropriation measure passed by the lawmakers and signed by the Governor. A spokesperson for IDOR says the $1 million for operation and contingent expenses means the… read more

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NO TAXES

The number of households that don’t pay federal income taxes is 45.3%, according a revised estimate from the  The Tax Policy Center, a joint effort by the Urban Institute and the Brookings Institution, says  But that figure is still roughly 5 percentage points higher than the center’s 2013 estimate of 40.4%.

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LEADERS TO DC

The group of Illinois Farm Bureau members met with 13 of Illinois’ congressional delegation or their staff and Sens. Dick Durbin and Mark Kirk. Topics ranged from the “waters of the U.S.” rule and voluntary GMO labeling to highway transportation funding and tax extenders. Check out coverage on FarmWeekNow.com.

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TAX EXTENDER UPDATE

Senate Majority Leader Mitch McConnell flatly ruled out a government shutdown this fall but was less certain on when Congress would revive a series of expired tax benefits, including biofuel credits and the popular Section 179 expensing allowance.

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ESTATE PLANNING UPDATE

The U.S. Treasury Department is zeroing in on new regulations that would effectively raise the taxable value of assets transferred into family partnerships and LLCs, currently granted a discount, the Wall Street Journal reports. Speculation is that the new rules will be announced in early September. Partnerships and LLCs allow families to tax-efficiently pass on… read more

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