During a rare Sunday night meeting, a handful of conservative holdouts voted “present” to advance the budget reconciliation package out of the Budget Committee. This measure would increase farm program spending by $60 billion over ten years while reducing the Supplemental Nutrition Assistance Program (SNAP) by $300 billion.

The committee vote was 17 to 16. The full House is expected to vote on the bill prior to the Memorial Day holiday. Republicans can only afford to lose two votes for the bill to pass.

The bill increases reference prices for the Price Loss Coverage (PLC) Program. Protection levels under the Agricultural Risk Coverage (ARC) have also been raised, and the Dairy Margin Coverage (DMC) has been expanded. The payment limits for individuals and entities would increase from $125,000 to $155,000.

Tax rates passed in 2017 would be maintained, while the 100% depreciation for equipment purchases would be re-established. The deduction for qualified business income would be increased from 20% to 23%

The bill strips away many tax incentives for electric vehicles and renewable energy passed in the 2022 Inflation Reduction Act. However, the 45Z Clean Fuels Production Tax Credit for biofuels would be expanded.

Read more about the House reconciliation bill here.