Sen. Joe Manchin

On July 27, Senate Majority Leader Chuck Schumer announced an agreement with Senator Joe Manchin on H. R. 5376, “Inflation Reduction Act of 2022.” The bill would provide $369 billion in climate-related provisions, including $1 billion for conservation technical assistance and $300 million to USDA's Natural Resources Conservation Service to measure the impact of agricultural practices on greenhouse gas emissions. $19.9 billion is designated for Title II Farm Bill programs: Environmental Quality Incentives Program, Regional Conservation Partnership Program, Conservation Stewardship Program and Agricultural Conservation Easement Program.

Additionally, the bill would provide $500 million for biofuel infrastructure, fund the Rural Energy for America Program and rural electric co-ops, provide $9.7 billion for electric co-ops to use for carbon-capture projects, extends the existing $1-a-gallon tax credit for biomass-based diesel through 2024 and creates a new "clean fuels" tax credit for low-carbon biofuels. Cut from the deal was a provision that would have provided payments of $25 an acre to farmers who plant cover crops through the Environmental Quality Incentives Program.