Central ND News

Senator John Hoeven, chairman of the Senate Agriculture Appropriations Committee and a senior member of the Senate Agriculture Committee, convened with North Dakota farm leaders to discuss the One Big Beautiful Bill. This legislation includes several provisions aimed at benefiting farmers and ranchers.

Key aspects of the bill include updated reference prices with future increases, elements from Hoeven’s FARMER Act to enhance crop insurance affordability, an extension of the Sugar Program, and improvements to Livestock Disaster Programs. "The One Big Beautiful Bill provides significant tax relief for working Americans, including our farmers and ranchers," said Hoeven. He added that these updates are essential components of what he describes as a seven-year farm bill.

Specific measures in the bill involve increasing reference prices for Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) by 10% to 20%, depending on the commodity. The legislation also introduces a new safety net allowing producers to receive higher payments based on updated reference prices for this year's crops.

The FARMER Act provisions aim to strengthen crop insurance by increasing premium support for individual-based coverage by an additional 3-5% across most levels. The Supplemental Coverage Option is enhanced with raised coverage levels and increased premium support.

The Sugar Program is extended through 2031 with adjustments to align loan rates with current market conditions. Livestock Disaster Programs see improvements like setting Livestock Indemnity Program payments at full market value for losses due to federally protected predators.

Tax relief measures within the legislation include permanent extensions of individual tax rates from the Tax Cuts and Jobs Act, providing significant savings for families. Additional reliefs target farmers, ranchers, and small businesses by setting exemptions for death taxes, extending deductions relevant to agricultural cooperatives, increasing expensing amounts under Section 179, maintaining bonus depreciation allowances, and more.