Senate Ag Committee

The Family Farmer and Rancher Tax Fairness Act would remove the tax liability for distressed farmers for the assistance provided in Sections 22006 and 22007 of the Inflation Reduction Act (IRA).

“We rely on the support of farm bill funding and programs to ensure continued U.S. leadership as the provider of the best seed to the world,” said Katy Rainey, Purdue associate professor, at the Senate Ag hearing.

Most now look for President Biden to increase his use of executive orders and regulations to fulfill some other goals, including those in the coming farm bill.

Senate leadership’s timeline for the BBB proposal is just before Christmas, according to Majority Leader Chuck Schumer. Centrist Sen. Joe Manchin is calling for a strategic pause for the vote, delaying it into 2022.

Farmers and ranchers have more time to sign up for the Paycheck Protection Program. The Senate passed legislation to extend the deadline from March 31 to May 31.