Smith Votes to Send Tax Reform to President’s Desk

Congressman Adrian Smith (R-NE) released the following statement today after the House passed the conference report to H.R. 1, the Tax Cuts and Jobs Act, which is the legislative agreement between the House and Senate. This bill to overhaul the tax code for the first time in a generation now goes to the Senate for final passage and then on to the President’s desk for his signature.

With his seat on the Ways and Means Committee, Smith has been working for years to lay the groundwork for this consequential vote to establish a simpler, pro-growth tax code.

“After years of work to deliver tax relief, today the House passed historic legislation to lower tax rates and grow economic opportunity in America,” Smith said. “This bill is designed to improve the lives of people across the country – doubling the standard deduction, increasing the child tax credit, saving taxpayers time and money by filing on a form the size of a postcard, and encouraging businesses small and large to invest, create jobs, and raise wages.

“Throughout the process, I have been particularly focused on ensuring tax reform will be beneficial for Nebraska farmers and ranchers. I fought hard to enable producers to continue to deduct their full property taxes on agricultural land. Additionally, I advocated strongly for addressing the concerns of agriculture co-ops regarding the repeal of Section 199, and this fix was accomplished in the conference report.

“Today’s milestone vote shows how Congress can and should work. We have held more than 40 hearings on reforming the tax code. The full text of the bill was made available online upon introduction, and the Ways and Means Committee debated the bill in a public markup for four days. After passing our separate versions of the legislation, the House and Senate came together in conference to reconcile the differences, make needed improvements, and produce a stronger final product.

“Our commitment has been to put a bill on the President’s desk by the end of the year, and we are excited to see President Trump sign tax reform into law.”



Smith’s remarks on the House floor on how the bill benefits Nebraska agriculture

Mr. Speaker, I rise today in support of the tax reform conference report.

This is a great opportunity to reduce the tax burden on Americans across the economic spectrum while modernizing our tax code for the 21st century.

I would like to take a few moments to discuss what this bill does for American agriculture.First and foremost, this bill cuts taxes for most Americans while simplifying compliance and transitioning us to a more competitive tax system internationally.

In addition to retaining the deduction for state and local taxes for individuals and families up to $10,000, this bill leaves intact the full deduction for property taxes on ag land and property.

In addition, I am grateful this conference report includes a solution to concerns raised by agriculture co-ops and their members about the repeal of Section 199.

With commodity prices low, it is important we ensure the tax code continues to work as intended, with co-ops passing along their profits to their producer owners.

Finally, while I would have preferred we repeal the death tax in full, doubling the exemption and keeping stepped-up basis will help provide certainty for more farmers, ranchers, and small businesses.

I thank the Chairman and the conferees for their work on this strong product. I’m anxious for us to pass this bill and get it to the President for his signature.

I yield back the balance of my time.