Pleased to share some amazing news. We have scored a grand-slam home run in the U.S. House of Representatives today.
As expected, Chairman Camp released his draft tax reform legislation. As expected, this bill will require all businesses with more than $10 million in gross receipts to shift to accrual accounting.
Because of our efforts, however, the House bill exempts farmers from this requirement. To put this in perspective, consider that agriculture is the only industry in America exempted from the requirement in this bill.
That didn’t just happen.
It happened because we talked with our elected officials and explained how devastating this would be for agriculture. It happened because we commissioned Informa Economics to quantify the economic impact of the proposal. It happened because we wrote letters and talked with the press. It happened because you helped make it happen.
And while this is an amazing victory, we can’t take our eye off the ball. The Senate tax reform discussion draft would still require agriculture to shift to accrual accounting. We need to use our victory in the House to ensure victory in the Senate. In the coming months, we’ll turn our attention to outreach to key Senators and to make the case that they should follow the House’s lead on this issue.
This is a great day and a testament to the work that everyone has done. Let’s enjoy this victory today and pledge to keep fighting until this war is won.
All the best,