2:00 - 4:00 pm • Tucson 43 Room
NCBA Tax and Credit Committee

NCBA members address tax legislation

National Cattlemen’s Beef Association (NCBA) members filtered into the Phoenix Civic Plaza Friday, Jan. 30, during the 2004 Cattle Industry Annual Convention and Trade Show to attend various NCBA meetings, including the group’s Tax and Credit Committee meeting. Participants met to review key policies affecting NCBA’s involvement in the 108th Congress.

The group meets to provide strategic guidance in developing policy and to address tax and credit issues in an efficient and effective manner. Committee members address federal and state tax matters, as well as credit matters involving the beef cattle industry. The committee also considers federal budget issues.

Joe Guild, chairman of the Tax and Credit Committee, called the meeting to order and introduced the committee’s new vice chairman, Ford Drummond of Oklahoma.

NCBA member Jay Truitt reviewed Washington activity and previous tax legislation, including repeal of the death tax.

"If you look back at the tax package, we had some strong votes out of the House of Representatives," he said. And although the issue didn’t meet the same enthusiasm in the Senate, Truitt points out, the multi-billion-dollar package passed. As an additional benefit, the bill also contained capital gains reductions.

Regarding future legislation, Truitt said it’s unlikely members will see any significant stand-alone legislation this year since it is an election year.

"We’ll have the same kind of success and activity taking place in the House of Representatives and the same kind of success in the Senate," he said. "I don’t see much change as far as how things have been going, but come January, all bets are off. We’ll see what happens in November."

Truitt said a permanent repeal of the death tax will be a key political issue for future legislation.

— by Crystal Albers