Inflation Reduction Act of 2022 Signed into Law

Last week, the U.S. Senate and House of Representatives passed the Inflation Reduction Act of 2022, with both chambers voting along party lines. The bill, part of the yearlong budget reconciliation process, was signed into law by President Biden on August 16. Included within the legislation is nearly $40 billion in agriculture provisions related to climate smart agriculture, rural energy, and wildfire protections and forestry.

Among the agriculture provisions, the bill directs $19.45 billion toward conservation programs, including: $1.4 billion to the Agriculture Conservation Easements Program (ACEP); $8.45 billion to the Environmental Quality Incentives Program (EQIP); $3.25 billion to the Conservation Stewardship Program (CSP); $4.95 billion to the Regional Conservation Partnership Program (RCPP); and $1 billion in conservation technical assistance. This legislation extends these existing Farm Bill programs through 2031. ASTA Will continue to review this legislation and closely monitor potential impacts for the seed industry. For more information on specific provisions within the bill, you can find the bill text in its entirety here.