Senate Finance Committee Releases Reconciliation Text:

On Monday, the Senate Finance Committee released legislative text within the Finance Committee’s jurisdiction for inclusion in Senate Republicans’ budget reconciliation bill. Similar to that of the House Ways and Mean reconciliation text, Chairman Mike Crapo (R-ID) and his Committee’s bill reforms the tax code by extending the 2017 Trump tax cuts, provides additional tax relief to working families and small businesses, boosts the economy through pro-growth tax policy, and achieves net government savings. Looking at the bill from an agricultural perspective, the package expands and extends 199A deductions, restores bonus depreciation, increases Section 179 expensing, and raises the estate tax exemption level. Now, with all the committees having released their respective reconciliation texts, the Parliamentarian and Committee staff continue to vet provisions using the “Byrd Rule”, which restricts what can be included in reconciliation legislation in the Senate. The Senate’s complete reconciliation package could be considered on the floor as early as next week as lawmakers race against the pressure of a July 4 deadline imposed by the White House. You can find the complete Senate Finance reconciliation text here.

House Appropriations to Resume Ag-FDA Bill Next Week:

This week, the House Appropriations Committee released its upcoming markup schedule for the next few weeks while in session. On the calendar, the Committee rescheduled the markup for the Fiscal Year 2026 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Bill for Monday, June 23. This comes after the Full Committee initially started to markup the bill on June 11, but, due to Congressional events and the coinciding markup of the FY26 defense appropriations bill, the markup has been postponed for a later date. Now, the Committee will look to resume where the left off with amendments, and it is more than likely that the bill will pass out of Committee along a party line vote. You can watch the markup once it streams live here.