WASHINGTON, D.C. (NAFB) – The Senate agreed to preserve the critical step-up in basis tax treatment of farms and ranches, as part its $3.5 trillion dollar budget blueprint that passed with only Democratic votes.
South Dakota Republican John Thune prevailed on a 99 to nothing vote on his amendment to keep stepped-up basis and prevent a Biden Administration-proposed capital gains tax at death.
Thune strongly opposed a competing Democratic amendment he compared to the administration proposal.
The competing rider by Nevada’s Catherine Cortez Masto was rejected 49-50, while a different change by Louisiana Republican John Kennedy to keep an exclusion for like-kind farmland exchanges prevailed by voice-vote.
Separately, USDA Secretary Vilsack announced $167 million dollars for high-speed broadband deployment in underserved rural areas in 12 states.
The latest round of broadband investments adds to 163 projects under USDA’s ReConnect Program, with another round to follow.
