Smith Statement on Passage of “Grain Glitch” Fix
Washington, D.C. – Congressman Adrian Smith (R-NE), a member of the Committee on Ways and Means, released the following statement today after voting to address the “grain glitch” as part of the Consolidated Appropriations Act, 2018.
“By fixing the ‘grain glitch’ we are ensuring producers and buyers across agriculture will benefit from an improved tax code without unnecessarily shifting the commodity marketplace. Replicating the Section 199 treatment of cooperatives under the previous tax code, combined with the lower rates and simplified compliance, will ensure as many producers as possible see tax cuts, which was the intent of the Tax Cuts and Jobs Act. I appreciate the willingness of cooperatives, non-cooperative buyers, and end users to collaboratively solve this issue, and the efforts of Chairman Brady to work with me to ensure this is enacted as soon as possible.
“While I share the concerns of the President and many Nebraskans about the overall spending level in this bill, it enacts many important priorities, including regulatory relief for agriculture, properly funding our military, and beginning work on the border wall.”
Other provisions beneficial to agriculture in the Consolidated Appropriations Act include the FARM Act, prohibiting the regulation of farms and ranches as toxic waste sites, of which Smith is an original cosponsor, and an extension of the Electronic Logging Device exemption for agriculture through Fiscal Year 2018. The bill also funds the Department of Defense at the President’s requested level and provides $1.6 billion for fence construction on the southern border.