H.R. 5771, the Tax Increase Prevention Act of 2014, is very important to Oklahoma farmers and ranchers. The bill contains a provision in the tax code, Section 179, which would allow a small business, like a farm or ranch, to expense up to $500,000 in capital investment, when requirements are met.
The bill’s proposed language would increase the Section 179 tax deduction from $25,000 to $500,000 only for the year 2014. This would allow farmers and ranchers to utilize money immediately because of the increased cash flow.
Oklahoma Farm Bureau’s public policy department is working closely with the Oklahoma’s U.S. Senate delegation to help pass the bill, which could happen in the coming days.
John Collison, OKFB vice president of public policy and media affairs, encourages OKFB members to contact their U.S. Senator and ask them to pass H.R. 5771.
Contact information for Oklahoma’s U.S. Senators is listed below.
Sen. Tom Coburn
172 Russell Senate Office Bldg.
Washington, DC 20510
Sen. Jim Inhofe
205 Russell Senate Office Bldg.
Washington, DC 20510-3603
Main: (202) 224-4721
Fax: (202) 228-0380