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1 1 (August 3, 2022)

handle is hein.crs/goveicx0001 and id is 1 raw text is: a' Congressional ____ & Research Service Inflation Reduction Act: Agricultural Conservation, Renewable Energy, and Forestry August 3, 2022 Overview On July 27, 2022, Senate Democrats posted the Inflation Reduction Act of 2022, a bill that is the Senate majority's version of the House-passed Build Back Better Act (BBBA, H.R. 5376, text in H.Prt. 117-18). Like the BBBA, the Senate majority's bill is a budget reconciliation measure, which allows for an increase in spending pursuant to instruction in the FY2022 budget resolution (S.Con.Res. 14). Programs in the jurisdiction of the House and Senate Agriculture committees are included in each bill (Title I in the BBBA and Title II in the Inflation Reduction Act). For agriculture, the Senate majority's bill is narrower than the House bill. The House passed the BBBA in November 2021. The BBBA would have increased agriculture spending by $82 billion over the 10-year period FY2022-FY2031. The Senate majority's bill includes a subset of nearly $40 billion for agricultural conservation, forestry, and renewable energy (the latter organized as rural development). Funding for Title II in the Senate majority's bill would remain available through FY2031. The Senate majority's bill excludes entirely sections that were in the House bill for agriculture research (-$2 billion), agriculture credit (-$7 billion), and rural water and rural development partnerships (-$2 billion). Compared with the BBBA, the Senate majority's bill would provide less for agricultural conservation (-$7 billion), forestry (-$22 billion), and renewable energy (-$3 billion). Agricultural Conservation The Inflation Reduction Act would provide $21.3 billion for agricultural conservation in Subtitle B of Title II. It would add nearly $20 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; $6.75 billion), Conservation Stewardship Program (CSP; $3.25 billion), and Agricultural Conservation Easement Program (ACEP; $1.40 billion). These programs provide financial Congressional Research Service https://crsreports.congress.gov IN11978 CRS INSIGHT Prepared for Members and Committees of Congress

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