Inflation Reduction Act's $40 Billion Funds Could Impact Oklahoma Farmers, Ranchers

The recent Inflation Reduction Act is giving about $40 billion to agriculture, forestry, and rural development.

A large part of that $40 billion will go toward conservation funding to help already-existing programs like the Environmental Quality Incentives Program and Conservation Stewardship Program.

About $20 billion will be used to incentivize farmers and ranchers to adopt practices that reduce their carbon footprint and greenhouse gas emissions.

The bill also sets aside money for Rural Electric CO-OPs, biofuels, and wildfire mitigation.

$5.3 billion will go toward debt relief for financially distressed borrowers, and loan forgiveness for people experiencing discrimination in the loan process.

Amy Hagerman with OSU extension said the last few years have been tough for Oklahoma Farmers and ranchers.

"So I think we will have producers in Oklahoma that are financially distressed at this point and that would have an opportunity to perhaps gain some relief from the debt load that they carry because of the challenges that they’ve had the last few years," said Hagerman.

She said a lot of the details about how this funding will be allocated on the local level is yet to be seen, so it's best to stay in contact with your local USDA office for updates on funding programs.