Governor Brownback Signs Bill to Benefit Agriculture
Governor Sam Brownback signed into law Thursday a bill containing two measures important to Kansas agriculture. Kansas Secretary of Agriculture Jackie McClaskey applauded the Kansas Legislature for the passage of Senate Bill 265.
The change in tax law will allow livestock producers to offset capital gains on the sale of cull cows and breeding livestock against business operating losses. This had been allowed in previous tax code, but a change in code in 2013 inadvertently removed the ability to offset capital gains tax. The passage of this bill restores that ability and will once again allow farmers and ranchers to appropriately manage their businesses tax liability. The change is particularly important to the dairy industry and will allow Kansas to remain the fastest growing dairy state in the country.
“We are thankful to Kansas legislators for understanding the importance of these issues and addressing them accordingly,” McClaskey said. “Both of these issues have significant impact on the agriculture industry and will have long-term influence on economic growth for Kansas.”
The bill also allows for capital investment in agriculture to be afforded sales tax exemption similar to other industries when an expansion or investment exceeds $50,000.
“These measures are conducive to creating investment and promoting growth in agriculture, our state’s largest economic sector,” McClaskey said. “Our agency is committed to continuing to develop a business friendly culture in Kansas and supports changes like these that promote growth of agriculture businesses across Kansas.”
© Many Signals Communications
MOST VIEWED STORIES
Horton man arrested following weekend shooting
Hiawatha man facing sex, drug charges waives prelim hearing
Two arrested Thursday in Jackson Co on meth-related charges
Inmate dies at Lansing Correctional Facility
Jackson Co traffic stop leads to arrest
Early Thursday storms leave damage, outages, locally
One held for past Atchison shooting
MO grass fire battled Thursday
Community Healthcare System hires new CEO
Mound City Mayor Duane Nauman remembered
Brown Co Planning Commission established
Falls City School Board approves personnel moves and purchases
Valley Falls' future set for Wednesday eve discussion
PBPN breaks ground for new business
Sheriff issues safety reminder
Falls City man sentenced to Federal Prison
Richardson County Board agrees to mediation
LATEST STORIES
Falls City man sentenced to Federal Prison
New nurse practitioner in Mound City
Mound City Aldermen reorganize and approve purchases
Valley Falls gains state tire grant
KS' LaTurner will not seek another term
One held for past Atchison shooting
Lancaster boil water advisory lifted Thursday