Farm Bill 2023 to Authorize Billions for Agricultural Support Programs
June 29, 2023 | Client Alerts
Every five years, the United States Congress considers an omnibus farm bill that shapes agricultural policy and the agribusiness landscape in America. In the 2018 Farm Bill, Congress authorized approximately $867 billion over ten years to specific agricultural programs and food-related assistance such as the Supplemental Nutrition Assistance Program (SNAP). Without continued reauthorization, some farm bill programs will expire while other programs, such as crop insurance, are permanent in nature.
Congress is currently developing the farm bill for 2023, which is projected to authorize $709 billion over the next five years and $1.4 trillion over the next ten years. Notably, over 80% of the $1.4 trillion will be allocated to food assistance programs, but over $221 billion will remain for programs such as those that support commodity crops - like corn, wheat, soybeans, and sugar – the dairy industry, crop insurance, and specialty crops like hemp. Until the farm bill is passed, farmer advocates will lobby Congress to direct funds to programs that provide security for agribusinesses, allow farmers and ranchers flexibility in managing their land in the face of certain conservation policies, promote rural development, and fund farming research initiatives, to name a few.
In the often volatile agriculture industry, it is imperative that farmers watch closely for emerging updates. If you have any questions regarding the farm bill or require assistance or advice related to your agribusiness, contact Scott S. Allen, Jr. (firstname.lastname@example.org) or Dennis C. Vacco (email@example.com) of Lippes Mathias' agriculture practice team.
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AGRICULTURAL SUPPORT PROGRAMS