[Congressional Record Volume 163, Number 208 (Wednesday, December 20, 2017)]
[Extensions of Remarks]
[Pages E1734-E1735]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          INTEREST DISALLOWANCE AND THE AGRICULTURAL EXCEPTION

                                  _____
                                 

                          HON. GEORGE HOLDING

                           of north carolina

                    in the house of representatives

                      Wednesday, December 20, 2017

  Mr. HOLDING. Mr. Speaker, I am pleased that today Congress is moving 
to reform the country's tax code and will thereby create a tremendous 
economic engine that will produce major job expansion and economic 
growth. But with any piece of large legislation, there are inevitable 
refinements that can be made. If we do move a technical corrections 
bill next year, I am hopeful that we will address one aspect of the 
interest disallowance contained in the current bill. I am concerned 
that there are agricultural companies in North Carolina that will face 
challenges unless this matter is addressed, and a minor definitional 
correction will address this situation. The farming exception included 
in the Tax Cuts and Jobs Act is limited to small companies growing 
crops and does not currently include the interdependent farming 
businesses which support them in processing and packing their crops. I 
believe that the agricultural exception should be expanded to address 
companies that also process and prepare crops, in addition to those 
that grow crops. This minor change would recognize a unique and 
necessary sector of the farming industry, and I look forward to working 
with my colleagues on this important issue going forward.

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