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Potential change in family farm households’ tax liability after Tax Cuts and Jobs Act provisions expire

  • by Tia M. McDonald and Ron Durst
  • 3/6/2024
  • Federal Tax Issues
Bar chart showing potential changes in family farm households’ tax liability, in millions of dollars, after certain 2017 Tax Cuts and Jobs Act provisions expire.

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The 2017 Tax Cuts and Jobs Act reduced tax liabilities through changes to several income and business tax policies. When those expire in 2025, the combined effect would raise tax liabilities for family farms, with moderate-sized farms experiencing the largest percentage increase.

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