INFLATION REDUCTION ACT The act allocates $2.2 billion to provide financial assistance to farmers, ranchers, and foresters who have experienced discrimination in USDA lending programs prior to Jan. 1, 2021. No borrower may receive more than $500,000 in assistance. The program is to be administered by one or more non-governmental programs, under the direction of USDA. This provision replaces the embattled ARPA provision providing loan payments to socially disadvantaged farmers. FORESTRY The act provides $5 billion in funding to the USDA for the national forest system, including funding for forest restoration and wildfire prevention, as well as grants to owners of state or private forests for climate mitigation, forest resilience, and related activities. CLEAN ENERGY AND REDUCING CARBON The act extends and enhances production tax credits for electricity produced from certain renewable resources, including facilities producing electricity from wind, geothermal, and solar. These credits expired at the end of 2021, but will now generally apply to projects placed into service before Jan. 1, 2025. The production tax credit is now tiered. The basic credit amount is 1.5 cents per kilowatt hour. Taxpayers that do not pay prevailing wages and ensure that qualified apprentices complete a certain amount of the work, however, will receive only 0.3 cents per kilowatt hour. Taxpayers can boost credit amounts by 10% by sourcing their steel, iron, or manufactured-product components from U.S. manufacturers or by locating in a community with significant employment in the fossil fuel industry or which have experienced the closure of a coal mine or coal-fired plant. Energy Property Investment Tax Credit The act extends and enhances the investment tax credit for wind, geothermal, solar, and energy storage projects through 2024. Geothermal is extended through 2034. Taxpayers that meet prevailing wage and apprenticeship requirements are eligible for the full credit of 30%. The credit for those who do not meet wage requirements drops to 6%. A bonus applies for taxpayers who buy American components or locate in an energy community. For 2023 and 2024, qualified solar or wind facilities located in low-income communities or on Indian land will qualify for an additional 10% bonus. The bonus jumps to 20% if the project is a low-income residential building project or a low-income economic benefit project. Clean Fuels The act implements credits for clean fuels. Several of these credits are extensions of existing credits, such as incentives for biodiesel, renewable diesel, and alternative fuels, as well as second-generation biofuel incentives. It also creates two new fuels credits: one for sustainable aviation fuel and one for the production of clean hydrogen. Good Friends, Good Times At The Regency, you’ll discover the joy, comfort, and peace of mind of our welcoming independent-living (or 55+ active) community 839 13th Avenue North Clinton, Iowa 52732 563-242-1010 www.RegencyofClinton.com FALL SPECIAL! $1,000 Off your first monthly charge! *Some restrictions may apply *Offer good thru December 31, 2022 78 EASTERN IOWA FARMER | FALL 2022 eifarmer.com
Farming is Your Tradition. Providing Financial Strength is Ours. Our Ag team is here to help you and your operation with financial strength for success. • JOHN MIELK • MARK MILDER • JOEL KACZINSKI Clinton National Bank clintonnational.com • 563-243-1243
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THE The Eastern Iowa Fall 2022 Farm
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TODD HUSMANN Channel Seedsman Cente
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No matter where you are, you can...
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The Eastern Iowa Farmer® DIRECTORY
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THE Farmer The Eastern Iowa Fall 20
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4-H The Equation Extension summer c
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EASTERN IOWA FARMER PHOTO / JACKIE
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4-H EQUATION as well as pathways to
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Trouble out in the field? WE’RE J
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FOR THE BIRDS swaps. A spike in bir
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FOR THE BIRDS “Contact, including
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FOR THE BIRDS About Avian Flu Avian
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HAVE YOU CHECKED YOUR SOIL FERTILIT
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1. Left to right: Mary Jo Felderman
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“The entire Peoples Company team
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