A tax package passed by the Senate just before adjourning in December will result in an estimated $1.4 billion in tax savings for the U.S. agricultural sector for the 2014 tax year. The legislation extended tax breaks for businesses through Dec. 31, 2014, including the extension of bonus depreciation, increased expensing limitations and treatment of certain real property as section 179 property. Also included in the package is the extension of the $1 per gallon tax credit for biodiesel and renewable diesel, which plays a significant role in keeping biodiesel production competitive in the market.
The U.S. Biotech Crops Alliance, which the U.S. Canola Association joined in 2014, wrote letters to President Obama and Congress about the U.S.-China Joint Commission on Commerce and Trade. The group asked for the discussion to re-establish a consistent process for enabling compliance with Chinese laws and regulations regarding biotech products. With such a process in place, U.S. agriculture can continue to supply China’s demand for imported commodities without disrupting trade.