With the passage of the One Big Beautiful Bill by the US Senate on July 1st, many ag provisions are included in the Senate’s version of the bill. According to the Georgia Agribusiness Council, the key agriculture provisions in the bill include:
- Higher reference prices for commodities through Price Loss Coverage with most commodities increasing by 10-20%
- Agriculture Risk Coverage Payment Enhancements
- Long-term funding for conservation programs
- Export and specialty crop growth through international market programs
- Reinstatement of 100% bonus depreciation from 2025-2030 and also increases the Section 179 deduction for smaller businesses to $2.5 million
- Increases the estate tax exemption to $15 million for single tax filers and $30 million for married couples starting in 2026 and the exemption would be indexed for inflation
- Adds a provision that would allow income tax resulting from the sale of farmland to a qualified farmer to be paid in four annual installments instead of all at once
- Crop insurance programs would see about $6.3 billion in increased spending over 10 years, with higher subsidies for some supplemental area-based plans and other improvements to premium support
- Disaster relief programs for livestock would be improved at a cost of about $2.9 billion over 10 years
- The Dairy Margin Coverage is increased while also reducing crop-insurance premiums for farmers
- Payment limits would increase from $125,000 to $155,000 for individuals, and then the payment limit would increase based on an inflation index
- The bill also removes income caps for farmers or entities that draw 75% or more of their income from agriculture or forestry.
The bill now goes back to the US House of Representatives.
Dale Sandlin with Southeast AgNet
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