A weekly recap of action in Washington, DC


House Floor: 

H.Res. 1368 would resolve that the House of Representatives:
• Supports the goals of National Dairy Month
• Encourages States and local governments to observe National Dairy Month with appropriate activities and events that promote the dairy industry
• Recognizes the important role that the dairy industry has played in the economic and nutritional well-being of Americans
• Commends dairy farmers for their continued hard work and commitment to the United States economy and to the preservation of open space
• Encourages all Americans to show their continued support for the dairy industry and dairy farmers.

 H.Res. 1383 would resolve that the House of Representatives honors Dr. Larry Case on his retirement as National FFA Advisor. 

H.R. 5486, the Small Business Jobs Tax Relief Act for 2010, would provide certain tax relief for small businesses, including the exclusion of 100 percent of capital gains, for an overall tax relief of $3.588 billion over 10 years.  The bill also contains provisions that would increase revenue by $7.146 billion.  Overall, the bill would have a net revenue increase of $3.558 billion over 10 years.  

H.R. 5297, TARP III, would create a $30 billion small business lending fund and authorize the Treasury Secretary to make capital investments in banks with less than $10 billion in assets.

The fund would be used by the Secretary for the purchase of preferred stock and other financial instruments from eligible institutions.  Preferred stock would have to be redeemed within 10 years of the date of the capital investment. 

House committees:

Agriculture Committee:

 On Thursday, June 17th  the House Agriculture Committee Subcommittee on General Farm Commodities and Risk Management  held a public hearing. The purpose of this hearing was to review U.S. farm safety net programs in advance of the 2012 Farm Bill. 

The House Agriculture Committee is now holding hearings to review U.S. agriculture policy in advance of the 2012 Farm Bill, and they want to hear from you. Use the web form here to submit your comments about the Farm Bill to the House Agriculture Committee.

House Natural Resources: 

The Natural Resources Committee markedup: 

H.R. 3914, introduced by Congressman Salazar.  This bill would designate certain lands in San Miguel, Ouray, and San Juan Counties, Colorado, as wilderness. 

H.R. 3923 was introduced by Congressman Polis.  This bill would provide for the exchange of certain land located in the Arapaho-Roosevelt National Forests in the State of Colorado.

 Senate Floor

 The Senate continued consideration of H.R.4213.  This bill 

  • extends for one year (through 2010) the $1.00 per gallon production tax credit for biodiesel and the small agri-biodiesel producer credit of $0.10 per gallon. The bill would also extend for one year (through 2010) the $1.00 per gallon production tax credit for diesel fuel created from biomass. 
  • extends a five-year depreciation for farming business machinery and equipment.  
  • provides assistance for 2009 agricultural losses for crops, including specialty crops, livestock, sugar, aquaculture, cottonseed and poultry. 
  • extends for one year (through 2010) the $0.50 per gallon alternative fuel tax credit for liquid fuels derived from biomass, compressed or liquefied biogas, natural gas and propane. The bill would not extend this credit to any liquid fuel derived from a pulp or paper manufacturing process (i.e., black liquor).   

USDA 

USDA released the final draft of a new Standard Reinsurance Agreement (SRA) with the nation’s crop insurance industry.  The SRA will reduce funding for the crop insurance program by $6 billion.  About $4 billion of those savings will be directed to deficit reduction and $2 billion will be invested in expansion of the Pasture, Rangeland, and Forage program; providing a performance discount or refund for qualified producers; increasing Conservation Reserve Program (CRP) acreage to the maximum authorized level of 32 million acres, investing in new and amended Conservation Reserve Enhancement Program initiatives; and investing in CRP monitoring.  

A fact sheet, side by side comparison and the news release about the SRA can be found on the RMA website, here.

If you have any questions please feel free to contact Brent Boydston at bboydston@colofb.com or at 303-749-7516.

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