News Business/Policy United States
Vilsack: Inflation Reduction Act “will provide significant support for farmers”

Last week, the U.S. Senate passed the Inflation Reduction Act of 2022 (IRA), making its enactment likely.

Ag secretary Tom Vilsack referred to the IRA as “historic” and, in a statement through the USDA, thanked house speaker Nancy Pelosi for “putting rural America over special interests” in the delivery of the bill. Vilsack said the IRA will “provide significant support for farmers, ranchers and forest landowners” while creating jobs and more economic opportunity in rural communities.

The IRA would provide $19.5 billion for agricultural conservation, adding over $18 billion in additional funding for existing farm bill conservation programs, including the Environmental Quality Incentives Program (EQIP, $8.45 billion), Regional Conservation Partnership Program (RCPP; $4.95 billion), Conservation Stewardship Program (CSP; $3.25 billion) and Agricultural Conservation Easement Program (ACEP; $1.40 billion).

These programs will provide assistance to landowners who voluntarily implement conservation practices on agricultural land, prioritizing mitigation activities. The IRA would also support renewable energy initiatives through $13.3 billion for farm bill energy title programs. Additionally, it would provide debt relief for distressed farm borrowers and assistance for underserved farmers and ranchers.