Former Nebraska United States Senator Mike Johanns has joined a Houston-based tax consultant group, advising them on agriculture.
Johanns is the new Chairman of Agriculture for alliantgroup. Johanns served as Secretary of Agriculture under President George W. Bush from 2005-2007.
Johanns says agriculture is feeling the pinch and family farmers and small agricultural businesses need to squeeze every benefit they can from the federal tax code.
“We’ve got to make sure that what you’re doing in your business that you are getting the full benefit of the laws that are on the books,” Johanns tells Nebraska Radio Network.
Johanns says many people engaged in agriculture could claim the Research and Development Tax Credit, but too many believe incorrectly the R&D credit is only for big business.
Johanns says small to mid-sized farms and businesses cannot afford to overlook tax breaks.
“This really does bring dollars to the bottom line and when you bring dollars to the bottom line you employ people in that small community, you make everything better for businesses on Main Street in that small community,” according to Johanns. “So, that kind of focus for me is just a natural, that’s where I spent most of my career is traveling the highways and the byways of rural Nebraska.”
Johanns says a number of farm practices could qualify for federal tax credits.
“Maybe they’re experimenting with different and new fertilizers. Maybe they’re experimenting with equipment, investing money to try to make their equipment more precision-based in terms of where that fertilizer goes to maximize the yield,” Johanns says. “All of those things have the potential to qualify for the R&D tax credit,”
Johanns says with the agricultural economy in a slump, farmers need to get as many breaks as they can out of the federal tax code.
Johanns served as governor of Nebraska from 1999-2005.
In addition to his new role with alliantgroup, Johanns currently serves on the Board of Directors for Deere & Co. and on the Board of Managers for Burlington Capital and OSI Group. In 2016, he was appointed by the President and confirmed by the Senate to serve a term on the Millennium Challenge Corporation (MCC) Board.
alliantgroup is a tax consultant group headquartered in Houston, Texas. It also has offices in New York, Chicago, Boston, Sacramento, Orange County, Indianapolis, Orlando, and Washington, D.C.