September 1, 2022
On August 16, President Biden signed the $740 billion Inflation Reduction Act of 2022 into law. 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 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 bill also supports renewable energy initiatives with $13.3 billion for farm bill energy title programs and $304 million for grants and loans for underutilized renewable energy technologies.
During final negotiations, Democrats added $5.3 billion in farm debt relief to the package and $4 billion in funding for the Bureau of Reclamation to address the impact of drought on western water supplies. The bill text can be found here.
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