Foster Swift Agricultural Law News E-blast
November 16, 2023
The Senate passed an extension of the 2018 Farm Bill on the evening of Wednesday, November 15. The legislation is expected to be signed into law by President Biden. The current farm bill expired on September 30, 2023, and the extension provides continued funding through September 30, 2024.
The extension provides renewed funding for the Agricultural Risk Coverage, Price Loss Coverage, and Dairy Margin Coverage programs for the 2024 crop year. Some programs were extended for additional years, including extending the Dairy Forward Pricing Program through 2027.
The Inflation Reduction Act provided funding for programs that are typically addressed through the farm bill. This includes nearly $20 billion in funding for the Environmental Quality Incentives Program, Regional Conservation Partnership Program, Conservation Stewardship Program, Agricultural Conservation Easement Program, and Conservation Technical Assistance Program. Congress will need to reconcile these separate sources of funding in the next five-year farm bill.
Many agricultural lobbyists expect drafts of a comprehensive farm bill in early 2024, with a vote targeted for early April. We will continue to provide updates as they become available.