Working Families Tax Cuts Help Rural Communities Grow

Working Families Tax Cuts Help Rural Communities Grow

Washington, D.C.-Rural communities in Idaho and across the country are benefiting not just from the widespread tax relief provided by the Working Families Tax Cuts but also from a range of provisions targeted at America's farms, ranches and small towns. From direct investments in rural health care to tax provisions that will help family farms continue producing for generations, the law is ensuring all communities, regardless of size, are provided with opportunities to succeed.

"Rural communities across Idaho face unique challenges compared to those in more urban areas," said U.S. Senate Finance Chairman Mike Crapo (R-Idaho). "Republicans designed the Working Families Tax Cuts to help these communities grow and prosper, from helping farmers invest in new equipment and machinery, to ensuring their families can pass their land to the next generation, to expanding access to health care in remote areas. By investing in these communities and the families who call them home, we can create new opportunities, strengthen local economies and ensure they remain vibrant for years to come."

Key wins:

• Permanently establishes enhanced tax benefits for Rural Opportunity Zones, encouraging additional investments in qualifying rural areas
• Permanently doubles the death tax exemption so family farms can stay in the family
• Permanently restores full expensing for new farm equipment and vehicles
• Makes permanent a 20 percent deduction claimed by family farms, ranches and small businesses
• Allows banks to exclude a portion of interest income on rural and agricultural loans, helping them provide farmers and ranchers more affordable loans
• Creates the 5-year, $50 billion Rural Health Transformation Program helping states invest in their rural health care delivery systems

What they are saying:

"The Working Families Tax Cuts are also the largest investment in rural America in history. And they are breathing new life and new opportunity into the heartland and into rural [areas] by giving them the relief and the support that they deserve." - U.S. Secretary of Agriculture Brooke Rollins

"Idaho is a mostly rural state, and we are grateful for the significant investments President Trump and Congress have committed to improving health care access, quality, and outcomes in rural Idaho and across the country." - Idaho Governor Brad Little

Click HERE to learn more about how the Working Families Tax Cuts support rural communities.

Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.