Recently, U.S. Congressman Mike Flood and U.S. Senator Pete Ricketts gathered in Norfolk to emphasize the agricultural policy benefits for Nebraska’s farmers and ranchers included in the newly passed reconciliation bill, named the “One Big Beautiful Bill Act.”
“Whether it was providing certainty to our state’s great farmers and ranchers by extending tax deductions or adding nearly $66 billion to Farm Bill and rural provisions, the One Big Beautiful Bill Act helps the very people who feed and grow our economy,” stated Congressman Flood. “Now that President Trump has signed this historic investment in rural America, it’s time to continue our hard work to deliver an updated Farm Bill. I am also glad to have Senator Ricketts and ag leaders join me in discussing these commonsense wins on behalf of our state’s farmers and ranchers.”
The act establishes a permanent standard deduction at $15,750 per tax year. It also extends and expands the child tax credit to $2,200 annually. Furthermore, it makes the 20% qualified business income deduction permanent, preserves the individual estate tax exemption at $15 million, and makes Section 179 expensing permanent at $2.5 million. Bonus depreciation is made permanent at 100%.
Farm programs receive a notable increase with $65.6 billion in new funding. Additional allocations include a $59 billion rise for specific agricultural programs like Agricultural Risk Coverage (ARC) and Crop Insurance, $2.19 billion for trade programs, $2.78 billion for disaster assistance, among others.
Congressman Flood holds positions as Vice Chair of the Republican Main Street Caucus, Chairman of the Housing and Insurance Subcommittee, and is a member of both the Agriculture Research Caucus and Western Caucus.
