Senate Votes on Reconciliation Bill
On Sunday, the Senate approved the Inflation Reduction Act on a 50-51 party-line vote, with Vice President Harris casting the tie-breaking vote. The reconciliation package includes a $369 billion investment climate programs and $500 million for biofuel infrastructure.
The bill includes an additional $18 billion for existing Farm Bill conservation programs such as the Environmental Quality Incentives Program (EQIP), Regional Conservation Partnership Program (RCPP), Conservation Stewardship Program (CSP), and Agricultural Conservation Easement Program (ACEP). These programs provide assistance to private landowners to voluntarily implement conservation practices on agricultural land.
The bill also provides $2.2 billion for underserved farmers, ranchers, and landowners who experienced discrimination before 2021 in USDA farm lending programs and $3.1 billion for debt modifications for distressed borrowers or guaranteed farm loans for borrowers with at-risk agricultural operations.
The House is expected to take up the bill on August 12. The bill can be found here.