ST PAUL, Minn. – Today, President Biden signed the Inflation Reduction Act into law. The bill includes a $40 billion investment over 10 years in agriculture, forestry and rural communities.
“This is a welcome investment in rural communities, agriculture and forestry,” said Minnesota Farmers Union (MFU) President Gary Wertish. “Not only does the bill invest in conservation programs, but also in biofuel infrastructure and assistance for rural electric cooperatives. Rural Minnesota is full of potential, and this investment will help family farmers and rural America grow to become stronger and more resilient.”
“The passage of the Inflation Reduction Act is cause for optimism for farmers and ranchers across the country, with historic investments in voluntary, incentive-based conservation programs that are critically underfunded,” said National Farmers Union (NFU) President Rob Larew. “NFU is proud to see investment in biofuels infrastructure that will help farmers’ bottom line and help consumers save at the pump. The inclusion of financial support for economically distressed farmers and ranchers is also a welcome addition that will help keep farmers on their land for years to come.”
Here’s a quick look at the agricultural provisions in the legislation:
- $8.45 billion for the Environmental Quality Incentives Program (EQIP).
- $6.75 billion for the Regional Conservation Partnership Program (RCPP).
- $3.25 billion for the Conservation Stewardship Program (CSP).
- $1.4 billion for the Agricultural Conservation Easement Program (ACEP).
- $1 billion for Conservation Technical Assistance (CTA).
- $300 million for NRCS to carry out a carbon sequestration and GHG emissions quantification program.
- $1 billion for the cost of loans under the Rural Electrification Act of 1936 by the USDA RUS; the loans are for electric generation from renewable energy (solar, wind, hydropower, biomass, or geothermal) for resale to rural and nonrural residents.
- Nearly $2 billion for the Rural Energy for America Program (REAP), and the grant limit was raised to not more than 50 percent of project cost (eligible entities are rural small businesses and agricultural producers).
- $500 million for biofuel infrastructure; grants with up to 75 percent cost share to fund infrastructure improvements for blending, storing, supplying, or distributing biofuels.
- $9.7 billion in assistance for rural electric cooperatives; grants, loans, the cost of loans, and loan modifications for rural electric coops to purchase renewable energy, renewable energy systems, carbon capture and storage, and energy efficiency improvements on generation and transmission systems.
Learn more about what’s in the bill on the NFU website.
About Minnesota Farmers Union
Minnesota Farmers Union works to protect and enhance the economic interests and quality of life of family farmers and ranchers and rural communities. MFU is a nonprofit membership-based organization. Membership is open to everyone. Learn more and join at www.mfu.org and follow MFU on Facebook, Twitter and Instagram.