Washington (Aug. 25, 2003) -- Sen. Chuck Grassley has scheduled a field hearing of the Finance Committee, set for August 26 at the Dallas Center in Iowa, to examine a number of tax initiatives designed to enhance the rural economy.

The hearing will consider legislation to repeal the dividend allocation rule for farmer cooperatives. This tax penalizes farmer cooperatives relative to other types of cooperatives and limits the ability of farmer cooperatives to raise the equity capital needed to modernize and expand.

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