Booker, Stabenow, Warnock, Smith Introduce Legislation Eliminating Tax Liability for IRA Assistance for Distressed Farmers
Written by Black Hot Fire Network on December 10, 2022
WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-N.J.), Debbie Stabenow (D-MI), Raphael Warnock (D-GA), and Tina Smith (D-MN), all members of the Senate Committee on Agriculture, Nutrition, and Forestry, introduced the Family Farmer and Rancher Tax Fairness Act, legislation that would remove the tax liability for distressed farmers for the assistance provided in Sections 22006 and 22007 of the Inflation Reduction Act (IRA). Currently, farm loan borrowers who are already at financial risk are facing tax liability on the IRA assistance.
“The critical financial assistance we fought to include in . . .
