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Conference Name Legislative Tax Update for Agricultural Producers

Rob Holcomb


The Inflation Reduction Act (IRA) was signed into law on August 16, 2022. The IRA set up provisions for clean energy and renewable energy vehicles and additional funding for USDA programs, including loan servicing assistance program payments for distressed borrowers. Finally, IRA significantly increased funding to the Internal Revenue Service.

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023, wrapped into the larger bill, Securing a Strong Retirement Act, commonly called SECURE 2.0. SECURE 2.0 covers numerous changes to retirement provisions designed to increase retirement savings, facilitate access to retirement savings, encourage employees to save for retirement, and lower employers’ cost of offering and funding retirement savings plans.

This presentation will overview the Inflation Reduction Act and SECURE 2.0 and examine the impacts on farmers and ranchers.