Archive for October, 2006
Rehberg Sponsors Bill to Eliminate Cap Gains Tax for Retiring Farmers
WASHINGTON, DC - Montana’s Congressman, Denny Rehberg, is sponsoring legislation that will allow retiring Montana farmers and ranchers to sell their farms and not pay capital gains tax if they move into a house or other property. The Farmer’s Tax Deferral Act, HR 5892, could be considered by the House later this year.
“This bill will help make more land available to younger farmers and make retirement easier for those looking to leave the business,” said Rehberg, a member of the House Appropriations Committee. “As a rancher, I realize that tax burdens keep many in the agriculture community working longer than they’d like and also prevent young people from choosing agriculture as their vocation. This bill will help spur involvement in agriculture and reduce the tax burden on Montana farmers.”
Under the bill, farmers must be at least 55 years old, have been in business for 20 years and have been using “single-purpose structures.” After a farm or ranch is sold, the retiring owner won’t have to pay capital gains tax upon moving into another house unless that house is sold at a later date.
“Agriculture is Montana’s number one industry and that legacy needs to be nurtured by creating additional opportunities for young people to consider agriculture for their life’s work,” added Rehberg. “This bill allows us to take the tax burden off of today’s farmers while opening doors for those of tomorrow.”
Rehberg Announces $44,546 Grant for Blue Creek Volunteer Fire Department
WASHINGTON, DC - Montana’s Congressman, Denny Rehberg, announced today the Blue Creek Volunteer Fire Department will receive a $44,546 grant from the Department of Homeland Security (DHS) to bolster recruitment and retention rates and improve training. The grant is part of the Staffing for Adequate Fire and Emergency Response (SAFER) program at DHS.
“Local volunteer fire departments play a pivotal role in keeping communities throughout Montana safe,” said Rehberg, a member of the House Appropriations Committee. “It’s the small fire departments that protect our communities. In a state the size of Montana, rural fire departments need to get their fair share of federal funding.”
The Blue Creek Volunteer Fire Department serves about 1,000 people over 136,000 square acres spanning from the Yellowstone River to the Crow Indian Reservation. Rehberg is a member of the Congressional Fire Caucus and has conducted countless seminars throughout Montana, educating fire departments on how to apply for federal grants.
“This grant will help us bring in more volunteer firefighters and get more advanced training for our local first responders,” said Blue Creek Fire Chief Rick Cortez III.