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Inflation Reduction Act promotes<br />
climate-smart ag practices<br />
By KRISTINE A. TIDGREN<br />
Staff Attorney<br />
Center for Agricultural<br />
Law & Taxation<br />
Iowa State University<br />
EASTERN IOWA FARMER<br />
The Inflation Reduction<br />
Act of 2022 was<br />
signed into law on<br />
Aug. 16 by President<br />
Joe Biden.<br />
This estimated $740 billion<br />
act invests $369 billion in new<br />
or expanded climate and energy-related<br />
incentives, mostly<br />
in the form of complex tax<br />
credits. The act also invests<br />
$80 billion in the IRS, primarily<br />
for increased enforcement,<br />
and $40 billion in agricultural<br />
programs, most designed to<br />
encourage the reduction of<br />
greenhouse gas emissions.<br />
Additionally, the act increases<br />
Affordable Care Act subsidies<br />
and seeks to lower prescription<br />
drug prices for Medicare<br />
participants. Several new tax<br />
provisions within the act raise<br />
revenue.<br />
The act appropriates $40<br />
billion for new and enhanced<br />
programs primarily designed<br />
to promote climate smart agricultural<br />
practices and reduce<br />
greenhouse gas emissions.<br />
Additionally, the funds are directed<br />
to enhance the financial<br />
wellbeing of at-risk farmers,<br />
ranchers, and foresters. This<br />
summary reviews some of<br />
the key provisions of the act<br />
that impact the agriculture<br />
industry.<br />
CONSERVATION<br />
The act appropriates significant<br />
funding to expand current<br />
USDA conservation programs<br />
to promote the sequestration<br />
of carbon and the reduction of<br />
carbon emissions.<br />
Environmental Quality<br />
Incentives Program<br />
(EQIP) - $8.45 billion<br />
n $250 million for fiscal<br />
year 2023<br />
n $1.75 billion for fiscal<br />
year 2024<br />
n $3 billion for fiscal year<br />
2025<br />
n $3.45 billion for fiscal<br />
year 2026<br />
Conservation Stewardship<br />
Program (CSP) - $3.25<br />
billion<br />
n $250 million for fiscal<br />
year 2023<br />
n $500 million for fiscal<br />
year 2024<br />
n $1 billion for fiscal year<br />
2025<br />
n $1.5 billion for fiscal year<br />
2026<br />
The funds for the above programs<br />
are to be made available<br />
for one or more agricultural<br />
STRUTTING OUR STUFF FOR 55 YEARS<br />
WE RAISE OUR OWN FLOCKS OF BIRDS TO MAKE SURE THAT YOU GET THE BEST OF ALL BIRDS<br />
Pictured: Owner Etta<br />
Culver and Marie Forret<br />
in the Schlecht Hatchery’s<br />
incubating and hatching<br />
room.<br />
Chickens<br />
Ducks<br />
Eggs<br />
Turkeys<br />
Geese<br />
Schlecht Farm & Hatchery<br />
PH. 563-682-7865<br />
9749 500TH AVENUE<br />
MILES, IOWA 52064<br />
Hatchery Hours :<br />
Monday - Friday 7:30-4:30<br />
Saturday - By appointment only<br />
Closed Sundays<br />
schlechthatchery.com<br />
2017<br />
Award Recipient<br />
Farmer of<br />
the Year<br />
IN<br />
JACKSON COUNTY<br />
eifarmer.com FALL 2022 | EASTERN IOWA FARMER 75
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