[Congressional Record (Bound Edition), Volume 163 (2017), Part 14]
[Extensions of Remarks]
[Pages 20452-20453]
[From the U.S. 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

[[Page 20453]]

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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