Agriculture in Montana is an industry that depends on the success of farmers and ranchers. When the new tax law bill was proposed, many in the industry saw it as a move in the right direction for farmers and ranchers and the agriculture economy in general.
Proposed under the new bill were additions that help with operation related expenditures as well as the managing and transfer of personal and business estates that support and drive the industry as a whole.
One of the changes made to the tax law is the raising of Section 179 small business expensing to $1 million. Farmers now have the ability to expense the equipment they purchase for operations immediately and keep that money.
Another change to the tax code includes a provision that doubles the estate planning tax from $11 million to $22 million.
All in all, each agricultural operation is run differently and farmers and ranchers should speak with their own accountants to determine the best plan for their business and estate.