LATEST SENATOR TESTER
(U.S. Senate) - U.S. Senator Jon Tester is cosponsoring the bipartisan Agriculture Equipment and Machinery Depreciation Act to help farmers purchase new equipment and replace worn-out machinery by amending the U.S. tax code to permanently set a five-year depreciation schedule for certain agricultural equipment. The current tax code sets a seven-year depreciation cost recovery period for agricultural equipment.
Changing the depreciation schedule for agricultural equipment to five years would make the tax code more consistent and support rural development by aligning the length of time that farmers can take a depreciation deduction with the average useful life of that property.
"This bipartisan bill puts money back in the pockets of family farmers and ranchers," Tester said. "With commodity prices down across the board, it is critical that our tax code is up to date and reflects the needs of hardworking farmers and ranchers."
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