WIUM Tristates Public Radio

tax overhaul

Many rural businesses and farms will benefit from the tax overhaul passed Wednesday by Congress. But there’s a catch: If the changes fail to spur economic growth as intended, programs that rural areas rely on could be on the chopping block.

One provision in the massive bill, which President Trump has yet to sign into law, allows small business owners to deduct 20 percent of their business income. It also expands the deduction for small business investment — a popular provision among farmers, who can write off the cost of things like a new tractor.