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Omnibus Spending Bill Would Fix Tax Law’s ‘Grain Glitch’

Law360 (March 21, 2018, 8:10 PM EDT) -- Congressional leaders on Wednesday unveiled an omnibus spending bill that would alter a provision of the recent tax overhaul legislation that lawmakers said was having adverse effects on the U.S. agriculture industry.

The "grain glitch" is an unintended consequence of the Tax Cuts and Jobs Act, P.L. 115-97, that creates an incentive for producers to sell to agricultural cooperatives rather than to private buyers, according to lawmakers.

The Consolidated Appropriations Act, 2018, would amend Internal Revenue Code § 199A, enacted by the TCJA, which created a...
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