August 3, 2022
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.
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