(October 2, 2007) LINCOLN, NE – The Nebraska Cattlemen has thanked Sen. Chuck Hagel for his role in persuading the U.S. Treasury to grant tax deferment on capital gains to producers who were forced by drought to sell livestock since January 2003.
Today it was announced that livestock producers in 50 Nebraska counties who have been forced to sell livestock due to drought will not have to pay taxes on the capital gains that they realized on involuntarily sold livestock for up to one year after drought conditions end. Last year, Senator Hagel wrote a letter to former Treasury Secretary Snow requesting this extension. Since that time, Hagel, working directly with Treasury Secretary Paulson, has ensured that this tax relief be extended for Nebraska's livestock producers.
“Drought placed a severe burden on ranchers and the ability to defer taxes until rains return is a big assist,” said Jay Wolf, Nebraska Cattlemen president. “Sen. Hagel recognizes this and as a businessman he understands how important fair tax regulations are for cattle producers to be able to maintain their herds. The tax deferment that he persevered in obtaining will help the financial stability of individual producers, Nebraska's cattle industry and the local and state economies,” Wolf said. “Sen. Hagel is to be thanked for his foresight and perseverance.”
Livestock producers with operations in the following 50 Nebraska counties are eligible for the tax deferment: Antelope, Arthur, Banner, Blaine, Box Butte, Boyd, Brown, Buffalo, Cedar, Chase, Cherry, Cheyenne, Custer, Dawes, Dawson, Deuel, Dixon, Dundy, Frontier, Furnas, Garden, Garfield, Gosper, Grant, Greeley, Hayes, Hitchcock, Holt, Hooker, Howard, Keith, Keya Paha, Kimball, Knox, Lincoln, Logan, Loup, McPherson, Morrill, Perkins, Pierce, Red Willow, Rock, Scotts, Bluff, Sheridan, Sherman, Sioux, Thomas, Valley, and Wheeler.
For more information, contact Jeffrey Marshall at 202/622-7287 or visit, www.irs.gov.
The Nebraska Cattlemen association serves as the representative for the state's beef cattle industry and represents professional cattle breeders, ranchers and feeders, as well as 48 county and local cattlemen's associations. Its headquarters are in Lincoln and second office in Alliance serves cattlemen in western Nebraska.