YOUR TEXAS AGRICULTURE MINUTE
Inflation Reduction Act: What’s in it for farmers and ranchers?
By Gary Joiner
The Inflation Reduction Act (IRA) of 2022 is signed and delivered.
It’s not really about inflation at all. The $740 billion package includes tax and financial provisions, including many that will impact agriculture.
The bulk of the spending is climate-related, but it also extends expiring Affordable Care Act subsidies.
The Agricultural and Food Policy Center at Texas A&M just published a study of the package.
The Center says the IRA provides a significant, short-term infusion of funding for select conservation programs.
Benefitting are programs such as the Environmental Quality Incentives Program, the Conservation Stewardship Program, the Agricultural Conservation Easement Program and the Regional Conservation Partnership Program.
The IRA also provides funding for a variety of rural development and forestry priorities.
The extent to which the additional funding is perceived as helpful will largely depend on how the U.S. Department of Agriculture implements the provisions, according to the Center.
The package does not directly address the significant increase in production costs faced by farmers and ranchers. Inflation continues to have serious impacts.
The funding could also complicate the upcoming farm bill discussions since the infusion will expire years before the next farm bill.
A growing number of concerns remain.
The preceding commentary is brought to you by Texas Farm Bureau, the “Voice of Texas Agriculture.” Called “Your Texas Agriculture Minute,” TFB will issue thought-provoking editorials each week—via print and audio—to spark understanding of agriculture in the Lone Star State and its impact on each and every Texan.
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