Several tax bills were passed and signed in the waning days of the 110th Congress, 1st Sess. (2007). The following items are of particular significance to farm and ranch taxpayers. Several other provisions of great importance to farmers and ranchers (notably the issues of whether all Conservation Reserve Program payments should be subject to self-employment tax, the useful life for farm machinery and equipment (proposal to reduce the useful life for depreciation purposes from seven to five years) and the handling of recapture of depreciation in the event of installment sale of single purpose agricultural and horticultural structures and trees and vines producing fruits and nuts) did not make it into the year-end rush of bills that reached the President’s desk.