U.S. Representative Jason Smith (R-Mo.), Chairman of the powerful House Ways and Means Committee, announced key victories for Missouri’s rural economy following the passage of the One, Big, Beautiful Bill, which includes sweeping tax relief for farmers, ranchers, and small businesses.
The legislation, described by Smith as “a major victory for rural communities across southeast and south-central Missouri,” features several tax provisions championed by the congressman, who is also a fourth-generation family farmer and cattle rancher. The bill is expected to cut taxes for American farmers by more than $10 billion.
Among the most impactful provisions is a 100% immediate expensing policy, allowing farmers and small businesses to fully deduct the cost of machinery, equipment, and vehicles in the year of purchase. Smith said the move will drive economic growth and innovation in rural areas, noting its benefit for operations ranging from farms to florists.
The bill also expands and makes permanent the federal estate tax exemption—commonly referred to as the “Death Tax”—which Smith argues will protect family farms from burdensome tax hits when passed down to the next generation.
Additionally, the legislation secures a permanent small business income deduction, a benefit to the roughly 98% of U.S. farms structured as pass-through entities. Without this provision, many family farms would have faced higher tax bills starting next year.
Smith also led efforts to improve the Opportunity Zone program to better direct investment into rural communities and successfully raised the 1099-MISC reporting threshold from $600 to $2,000, easing administrative burdens for small business owners and agricultural producers.
“These reforms ensure the people who feed, build, and power our nation have the tools they need to succeed in this new Golden Age of American prosperity,” Smith said. “And I’ll continue working alongside President Donald Trump to deliver for Missouri’s heartland.”
Rep. Jason Smith represents Missouri’s 8th Congressional District, which includes communities such as West Plains, Rolla, Farmington, Cape Girardeau, and Poplar Bluff.
