PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan in Morning Consult: Congress Must Fix “Grain Glitch” Before Damage Spreads

By at 20 March, 2018, 9:42 am

The recently enacted “Tax Cuts and Job Act” had a drafting error that needs to be fixed right away, as the damage and unintended consequences could quickly spread far and wide. It appears as though the issue will be addressed in the upcoming omnibus spending bill.  SBE Council president & CEO Karen Kerrigan writes all about it and why the glitch must be fixed in a March 19 Morning Consult Op-ed.

As she notes in the piece:

“In terms of the political ramifications for tax reform, it’s dangerous enough for a single industry to be upended by a provision that lawmakers have conceded was included by accident amidst a flurry of last-minute changes to the bill.

“But there’s additional risk if those outside the agricultural sector begin to seize on cooperatives as a potential tax shelter. In this worst-case scenario, widespread use of a deduction on gross income becomes the Ice-Nine of tax reform’s standing as a sensible reform initiative.”

Read the full piece here.

News and Media Releases