The South Dakota Stockgrowers Association is a grassroots organization whose individual producer members determine issues of importance to the state's livestock industry. With input into the policy development, each member has the opportunity to influence SDSGA's policy and priorities. Individual members of the Association pull together to make powerful decisions - dedicated to promoting the livestock industry and enhancing the opportunity for profitability.

SD Stockgrowers News

Stockgrowers Applaud House Passage of Tax Extensions, Urge Senate to Act

South Dakota Stockgrowers Association applauded the U.S. House of Representatives for voting earlier this week to pass H.R.636, America’s Small Business Tax Relief Act.  The bill includes a number of tax relief measures aimed at small businesses, including the increases to Section 179 deductions.

“The higher limits of deductions on Section 179 has been a great help to our ranch families who are investing in equipment and items that grow their operations,” said Bob Fortune, President of the SD Stockgrowers Association from Belvidere.  “We really appreciate Representative Noem’s work to see this pass the House as a permanent increase.”

Section 179 of the tax code allows most small businesses to write-off the full purchase prices of qualifying equipment and software within the first year.  In December of 2014, Congress passed a temporary extension to the Section 179 tax credits, raising allowed deductions from $25,000 for the 2014 calendar year.  H.R. 636 increases deduction amounts under Section 179 of the tax code to $500,000 which maintains the 2014 levels.

“We really urge the Senate to take action on this provision soon to give our small businesses the confidence to make purchasing decisions in the future based on the certainty of having a permanent increase in Section 179,” said Fortune.

The bill will next move to the Senate for further consideration.  Without the passage of similar legislation, Section 179 deductions for the calendar year 2015 are limited to $25,000.

 

Seek Tax Advice

SD Stockgrowers Reminds Ranchers to
Seek Tax Advice on Disaster Income

The South Dakota Stockgrowers Association encourages ranch families to seek professional accounting advice regarding the tax implications of funds received in the aftermath of the Atlas Blizzard.

“We understand that the contributions from the Rancher Relief Fund and other disaster recovery programs likely need to be reported as income for tax purposes, and we know that the USDA disaster programs will also have tax implications,” said Bob Fortune, President of the SD Stockgrowers Association.  “If people have questions about how these recovery and disaster programs impact their taxes, we strongly encourage them to find a qualified tax professional.”

Donations totaling nearly $5.5 million dollars allowed the Rancher Relief Fund to distribute support to over 600 individual ranch families reporting over 40,000 head of livestock lost in the storm.  USDA disaster support began distribution in mid-April and also provided much needed relief to ranches struggling to rebuild herds, fences and barns.

“We are grateful for all the help that our ranch families received in the last year as they recovered from such a devastating natural disaster.  We want to make sure that every family has accurate and professional advice about the tax implications.  Please make sure you ask for help if you’re unsure how these recovery programs will impact your taxes.”