35 percent, but concedes the infl a- tion adjustment every year to the exemption will impact more farmers and ranchers. “Ultimately the best thing would
be for Congress to get rid of the ‘death tax,’” he says, “but I think this is something we can live with for a little while longer.” Unlike the 2010 fix, ATRA’s
estate tax changes do not have a sunset date. Nothing, of course, is permanent in Washington, but Bacus notes, “Congress has been really slow to do anything lately, and I think until conditions change here it’s probably best that we have permanency in the tax code itself. I don’t know that there’s a big push
to change much. I know there’s a lot of talk about comprehensive tax reform, but that is an enormous task and for that to take place, conditions really need to be right so that you have a Congress that will speak to each other, and more importantly Congress and an Administration that will work together.”
Accelerated depreciation extended through 2013 A number of other tax provi-
sions of importance to agricultural producers that were set to expire at the end of 2012 were addressed in ATRA. In some cases, though, the benefi ts were reduced, or will be within another year.
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code allows producers to acceler- ate depreciation on new or used machinery or equipment purchased in the tax year. The maximum de- duction had been listed at $139,000 for 2012 and was scheduled to re- vert to $25,000 in 2013, but ATRA retroactively restores the $500,000 expensing limitation that had been in effect in 2010 and 2011 and ex- tends it through 2013. Congress also extended bonus
depreciation on new fixed asset purchases, which had also been scheduled to expire; it remains at 50 percent but had been at 100 percent in 2011. Bacus comments the 100 percent bonus “was something that