How Does Last Tuesday’s Political Shift Affect the Agriculture Industry?
I’m sure by now everyone has seen the results of Tuesday’s Midterm Elections. When the new Congress is seated in January of 2015, the agriculture industry could see some changes.
Although there is no huge legislation currently pending which will affect the agriculture industry, there are some bills that could see an impact. A few of those bills are the Childhood Nutrition Reauthorization Act, the EPA’s Clean Water Act including the Waters of the United States rule, and the Country of Origin Labeling (COOL) bill. We could also see trade agreements move more quickly and easily through Congress which will allow for the expansion of markets overseas.
Another topic that many small farmers will be watching closely will be Ag Taxes Section 179 and the bonus depreciation break extension. Both of these issues are priorities that many in the agriculture industry would like to see resolved.
Only time will tell how this political shift will affect the agriculture industry over the next few years.