Madam President, the last few years have been some of the most challenging in recent memory for America's farmers and ranchers. Agriculture is already a challenging way of life, but in the past few years, it has been made more difficult by…
Madam President, the last few years have been some of the most challenging in recent memory for America's farmers and ranchers. Agriculture is already a challenging way of life, but in the past few years, it has been made more difficult by higher input costs, higher interest rates, disease, and natural disasters; and it has left more than a few producers wondering about the future of their operations.
Earlier this year, I promised that farmers and ranchers would be a priority for the new Republican majority. Thanks to Senator Boozman's leadership and the work of the Agriculture Committee, we have addressed some of the farmers' and ranchers' challenges head-on in the One Big Beautiful Bill--and not just with short-term patches to get through the season. We made lasting reforms to help get American agriculture firing on all cylinders again.
Madam President, that starts with the farm safety net. The One Big Beautiful Bill reauthorizes commodity programs through 2031 and raises reference prices for every covered commodity. In recent years, reference prices haven't even covered increases in input costs. But thanks to this bill, commodity program reference prices will more closely reflect the actual market conditions that farmers are dealing with.
We also included a voluntary base acre update for these programs--the first in a number of years--making 30 million acres available so these programs are based on current planted acres. That is just on commodity programs.
The One Big Beautiful Bill also bolsters crop insurance, the cornerstone of the farm safety net. And it includes my bill to extend crop insurance support for beginning farmers from their first 5 years of operation to their first 10 years.
We also addressed the needs of livestock producers. We improved the Livestock Indemnity Program, covering 100 percent of losses for animals lost to predation and 75 percent for those lost due to weather or disease, plus a supplemental payment for loss of unborn livestock, all of which will provide peace of mind for ranchers and other livestock producers when losses strike.
We also reduced the number of weeks of drought necessary to trigger payments from the Livestock Forage Disaster Program. Now those payments can begin after 4 consecutive weeks of drought, and they continue if the drought persists into a second month.
Our bill makes critical investments in disease prevention and preparedness efforts, an issue that has been national news as things like the bird flu, the New World screwworm, and African swine fever have threatened livestock.
There is a lot more in our bill to support agriculture and promote a strong and secure food supply for our country.
The One Big Beautiful Bill bolsters the Dairy Margin Coverage program for our dairy farmers. It improves support for honeybee producers when they suffer losses; invests in conservation programs that support wildlife habitats, like those that support South Dakota's wild bird population. And it supports research and agriculture research institutions and promotes trade opportunities for agriculture commodities.
This bill enables farmers and ranchers to make critical investments in the future of their operations. Agriculture producers will benefit from the individual and small business tax relief in this bill.
Our bill makes permanent the lower tax rates from the Tax Cuts and Jobs Act, increases the standard deduction and the child tax credit, and adds a bonus deduction for seniors, which means lower tax bills permanently.
Many farmers and ranchers will be able to claim the 199A small business deduction, which frees up more cash for them to invest in their operations. Plus, full expensing--now a permanent feature of the Tax Code--will allow them to deduct the full cost of new equipment the year they start using it. That is good news, whether you need a new tractor or combine or working to build a farm of the future with precision technology.
Madam President, farming and ranching is more than just a job; it is a way of life. And most farmers and ranchers I know dream about the next generation keeping that way of life going. Thanks to the One Big Beautiful Bill, more farmers and ranchers are going to be able to stay in the family. Our bill raises the death tax threshold, which protects a lot more farmers and ranchers from this flawed tax. It means farmers and ranchers won't have to worry about the death tax eating up what they spent a lifetime building. It means they won't have to spend time and money on complicated estate planning to ensure their operation stays intact after they die. And it means their kids won't have to sell all or part of their family farm just to settle a tax bill.
Madam President, agriculture is a tough way of life. It is filled with uncertainty and risk. But we depend on the men and women who work hard every day to produce the food, fuel, and fiber for America and for the world, and we owe them support through the challenges that come with this work. I am proud that the One Big Beautiful Bill delivers for them.
I yield the floor.
I suggest the absence of a quorum.