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US National Cotton Council hails tax reforms bill passage
23
Dec '17
US National Cotton Council hails tax reforms bill passage
The US cotton industry has hailed the passage of the Tax Cuts and Jobs Act (H.R. 1) legislation that can spur economic growth by lowering taxes and simplifying the code for US cotton producers and associated businesses. The National Cotton Council (NCC) appreciated tax relief provisions for family cotton firms and cooperatives and their members in the bill.

NCC members include cotton producers, ginners, cottonseed processors and merchandisers, merchants, marketing cooperatives, warehousing companies and textile manufacturers.

NCC president and CEO Gary Adams wrote to Senate majority leader Mitch McConnell and House speaker Paul Ryan thanking them for crafting and for shepherding through Congress a bill that will allow farm families to further invest in their operations and preserve that farm for future generations by allowing full and immediate expensing of capital purchases and doubling the estate tax exemption.

US cotton producers continue to face low prices and high input costs while lacking an adequate farm bill safety net. As a result, a number of family cotton farms and other cotton businesses have been lost in recent years, as NCC press release said quoting Adam’s letter. (DS)

Fibre2Fashion News Desk – India


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