While much is still unknown about what tax changes may or may not be included in any Congressional tax legislation this year, it appears most of the scary stuff for farmers is off the table as the country heads toward Halloween.

“What has come to light is that a lot of rural lawmakers listened to their constituents and came to the conclusion there was a lack of support … for some of the proposed changes to the tax system,” says Kristine Tidgren, director of the Center for Agricultural Law and Taxation at Iowa State University.

After yet another threat, it appears the 1031 exchange program is alive and doing just fine.

While Congress continued to fight over budget and infrastructure bills in recent weeks, the idea of eliminating or dramatically changing the 1031 exchange program appears to have fallen by the wayside, says David Brown, president of IPE 1031 in Des Moines.

After a lifetime of farming, Tom Renner decided to officially retire in December 2020.

At 74 years old, retiring made sense on paper for Renner. The Ventura, Iowa, farmer had a son, Brent, ready to take over the family farm and a recent vacation had him thinking about spending more time with his wife, children and grandchildren.

As congress works on and debates the Build Back Better plan proposed by President Biden’s administration, tax experts are watching how it might affect farmers if some of the proposals are passed.

With the proposed legislation’s original changes to taxes on estates, gifts and income, analysts are advising farmers who may be affected to make sure a plan is in place.