The U.S. Treasury has granted a tax deferment on capital gains to producers who were forced by drought to sell livestock since January 2003.
The decision will allow livestock producers in 50 Nebraska counties who have been forced to sell livestock due to drought. They now won't have to pay taxes on the capital gains that they realized on involuntarily sold livestock for up to one year after drought conditions end, says Mike Fitzgerald, spokesman for the Nebraska Cattlemen.
"Drought placed a severe burden on ranchers and the ability to defer taxes until rains return is a big assist," says Jay Wolf, Nebraska Cattlemen president. "The tax deferment will help the financial stability of individual producers, Nebraska's cattle industry and the local and state economies," Wolf says.
Livestock producers with operations in the following 50 Nebraska counties are eligible for the tax deferment: Antelope, Arthur, Banner, Blaine, Box Butte, Boyd, Brown, Buffalo, Cedar, Chase, Cherry, Cheyenne, Custer, Dawes, Dawson, Deuel, Dixon, Dundy, Frontier, Furnas, Garden, Garfield, Gosper, Grant, Greeley, Hayes, Hitchcock, Holt, Hooker, Howard, Keith, Keya Paha, Kimball, Knox, Lincoln, Logan, Loup, McPherson, Morrill, Perkins, Pierce, Red Willow, Rock, Scotts, Bluff, Sheridan, Sherman, Sioux, Thomas, Valley, and Wheeler.