Brownfield Ag News
Cotton tax credit bill gaining momentum in Congress, NCC says support growing
By Carah Hart Filed
The vice president of Washington Operations for the National Cotton Council says a bill incentivizing the use of U.S. – grown cotton through tax credits continues to build support in Congress.
Robbie Minnch tells Brownfield co-sponsors are being added each week, and building domestic demand for U.S. cotton is important.
“When economic assistance is needed, it’s needed. When safety net programs that are included in the farm bill are needed, they’re needed,” he says. “But ultimately, I think as an industry, we’ve got to figure out how we create more demand so that it lessens the times that those programs are needed.”
He says the bill has been introduced in the U.S. House and Senate.
“It’s a tax credit, so it doesn’t go through the agriculture committee. It goes through the finance committee in the Senate and the House Ways and Means Committee. I think the biggest question as we move ahead is what type of vehicle would open up for this?”
Minnich says the legislation isn’t expected to make it in the Senate’s version of a farm bill, but it could be included in an upcoming reconciliation package or a bipartisan tax package.
Sponsors of the Buying American Cotton Act include Cindy Hyde-Smith, a U.S. Senator from Mississippi, and Greg Murphy, a U.S. Congressman from North Carolina.