Agricultural News
Inflation Reduction Act Passes U.S. Senate
Mon, 08 Aug 2022 12:23:15 CDT
The Senate on Sunday, voting along party lines, passed the Inflation Reduction Act of 2022.
The bill, which includes domestic energy incentives and other provisions aimed at reducing carbon emissions, would provide significant investments for agriculture, including over $20 billion in funding to support farmers’ implementation and expansion of voluntary on-farm conservation practices and $500 million to provide greater market access for higher blends of biofuels.
“We appreciate Chairwoman Debbie Stabenow and the other members of the Senate Agriculture Committee who worked to include provisions in the legislation that will support farmers as they provide solutions that address climate change,” said Brooke S. Appleton, vice president of public policy at the National Corn Growers Association. “From cleaner, low-carbon fuels, like ethanol and sustainable aviation fuel, to on-farm practices that improve soil health, corn growers are on the front lines of the fight to cut carbon emissions and improve our energy security.”
The $19.9 billion in funding for U.S Department of Agriculture conservation programs includes the following program allocations, along with $1 billion for additional conservation technical assistance:
$8.45 billion for the Environmental Quality Incentives Program
$6.75 billion for the Regional Conservation Partnership Program
$3.25 billion for the Conservation Stewardship Program
$1.4 billion for the Agricultural Conservation Easement Program
To advance biofuels, the legislation includes:
$500 million for infrastructure for greater market deployment of higher blends of biofuels
New tax credits based on carbon reduction to incentivize clean fuels such as biofuels like ethanol and new sustainable aviation fuel
NCGA worked closely with allies of farmers and rural communities to ensure the legislation did not change tax provisions that would directly affect family farms.
The House of Representatives is expected to vote on the legislation in the coming days.
WebReadyTM Powered by WireReady® NSI
Top Agricultural News
More Headlines...
