Deere Says Health Care Law Will Raise Costs $150 Million

Deere & Co. announced Thursday that the health care law signed this week by President Barack Obama will raise its costs this year by $150 million.

The biggest U.S. maker of farm equipment became the second major company to say it would take a charge for fiscal 2010. Deere and Caterpillar Inc., which reported that it would record a $100 million charge Wednesday, say the health care overhaul President Obama signed will make a subsidy the companies receive for retiree drug coverage taxable in 2011.

(Image: Dredrk aka Mr Sky)

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