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1 1 (August 10, 2022)

handle is hein.crs/goveicw0001 and id is 1 raw text is: Congressional ____ A Research Service Inflation Reduction Act: Agricultural Conservation and Credit, Renewable Energy, and Forestry Updated August 10, 2022 Overview On August 7, 2022, the Senate passed what is often referred to as the Inflation Reduction Act of 2022, a substitute to the House-passed Build Back Better Act (BBBA, H.R. 5376). Both bills are budget reconciliation measures, which allow for an increase in spending pursuant to the FY2022 budget resolution. Programs in the jurisdiction of the House and Senate Agriculture committees are included in each bill. The BBBA would have increased agriculture spending by $82 billion over the 10-year period FY2022- FY2031. The Senate bill includes a subset of nearly $38 billion for agricultural conservation, credit, renewable energy, and forestry. Funding would remain available only through FY2031. The Senate bill excludes entirely BBBA sections for agriculture research and facilities and rural water. Agricultural Conservation The Inflation Reduction Act would provide $19.5 billion for agricultural conservation. It would add over $18 billion in additional funding for existing farm bill conservation programs, including the Environmental Quality Incentives Program (EQIP; $8.45 billion), Regional Conservation Partnership Program (RCPP; $4.95 billion), Conservation Stewardship Program (CSP; $3.25 billion), and Agricultural Conservation Easement Program (ACEP; $1.40 billion), cumulatively $4.25 billion less than proposed in the BBBA. These programs provide financial and technical assistance to private landowners to voluntarily implement conservation practices on agricultural land. Program funds would be directed to climate change-related goals and would prioritize mitigation activities. The Senate bill would also extend some of these programs' authorities beyond their current expiration in FY2023, to FY2031. Some program authorities would not be extended, such as payment and income limits. Additional funding would also be Congressional Research Service https://crsreports.congress.gov IN11978 CRS INSIGHT Prepared for Members and Committees of Congress

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