Congressman Ted Yoho (FL-03) announced today that he is an original co-sponsor of the FARMER Act, introduced by Rep. Austin Scott of Georgia. The FARMER Act, officially called the Farmers and Ranchers Minimizing Estate Regulations Act, creates a provision allowing hardworking, generational-farming families to use a different method of valuation when faced with the death tax.
Congressman Yoho said, "Family farming is part of America's heritage, and it must be part of America's future. Farmers live with the uncertainty of the weather, the economy, and, unfortunately, our tax code. This bill allows our high-producing farming and ranching families to carry on their legacy of feeding America."
Under this provision, farmers, ranchers, and their families will be provided needed relief from the burdensome death tax, which has been the direct cause of many family farms going out of business. The FARMER Act creates relief from a tax code so family farms and ranches may continue their work of feeding America.