Cape News

Today, U.S. Representative Jason Smith, chairman of the Ways and Means Committee, emphasized the benefits of the One, Big, Beautiful Bill for Missouri farmers, ranchers, and small businesses. The legislation aims to provide significant tax relief.

“The One, Big, Beautiful Bill is a major victory for rural communities across southeast and south-central Missouri,” said Smith. He highlighted his priority in drafting the tax provisions was supporting those who drive rural economies: farmers, ranchers, and small businesses. “This bill doesn’t just deliver the largest tax cut for working families in our nation’s history; it also includes numerous tax provisions to help our rural communities take advantage of the great economic opportunities as America enters its new Golden Age."

Smith's role in writing the tax provisions was informed by his background as a cattle rancher and 4th generation owner of his family farm. The bill is projected to lower taxes on farmers by more than $10 billion.

One key provision is the 100% immediate expensing policy. It allows businesses to automatically deduct equipment costs, promoting investment in rural Missouri.

Another effort led by Smith involved expanding and making permanent the Death Tax exemption. This change helps families pass on farms or small businesses without facing halved exemptions next year.

The permanent small business deduction is another secured provision benefiting Missouri's agriculture industry. Without it, family farms could face a $2,500 tax increase this year.

Smith also improved the Opportunity Zone program from 2017 Trump tax cuts to focus on rural investments. Additionally, he increased the 1099-MISC threshold to $2,000 to reduce paperwork for small businesses.