The Senate-passed version of H.R. 1, the ”One Big Beautiful Bill Act,” strengthens the farm safety net by raising reference prices under the Price Loss Coverage program (PLC) and the Agriculture Risk Coverage (ARC) program, which both aim to protect farmers from significant income losses from fluctuations in crop prices or revenue shortfalls, and strengthen crop insurance programs and disaster relief for livestock. Also included are major tax provisions benefitting producers, including the immediate expensing of farm equipment, a small business tax break, an increase in the estate tax exemption, and a revised 45Z Clean Fuel credit. The bill also includes significant cuts to the Supplemental Nutrition Assistance Program (SNAP) by tightening work requirements for able-bodied adults and parents of children over the age of 14 and limiting the ability of states to waive work requirements.Trusted Insights for What's Ahead®
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