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USDA vows to fix tax law 'unintended consequences' for grain firms

( January 12, 2018, 18:47 GMT | Official Statement) -- MLex Summary: The US Department of Agriculture said it supports efforts in Congress to mend the tax law passed in December 2017 after it created "unintended consequences" for some segments of the grain industry. Changes made to Section199A of the tax code allow farmers to pay lower taxes if they sell grain to a co-operative rather than to an independent grain firm, which would "disadvantage" large grain processing corporations such as Cargill and Archer Daniels Midland. "Some agriculture stakeholders have raised questions about potential market effects on cooperatives and independent grain-related businesses," USDA said in a press release.Statement of USDA Under Secretary for Marketing and Regulatory Programs Greg Ibach follows:...

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