Senator Ricketts’ Weekly Column: Producing the Good Life

Agriculture is the heart and soul of what we do in Nebraska.  Family farms, ranches, and agri-businesses are the backbone of communities across Nebraska.  The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow.  It grows our economy at home and will help gain new markets abroad.  The One Big Beautiful Bill (OBBB) secures the future for those who feed and fuel America.   

The One Big Beautiful Bill backs our way of life.  It avoided a $2,400 tax hike for the average Nebraska family.  That’s $2,400 that Nebraskans can continue to spend on groceries and electricity bills or to save for a family vacation.    

OBBB also helps farmers plan for the next generation.  Over 80% of Nebraska farms are family-owned.  The 2017 Tax Cuts and Jobs Act cut in half the number of farm and ranch families subject to the Death Tax.  The Big Beautiful Bill ensures the Death Tax exemption will now be permanent and rise with inflation.  This means that over $200 billion in hard-earned family farm assets across the country will go to the next generation and not the government.  Now, more farms will be passed down, not taxed away to Uncle Sam.   

The 45Z clean fuel production credit is another major win for Nebraska.   

Biofuels are a win for consumers who save money at the pump.  It is a win to clean up our environment and for our farmers and ranchers.  Last year, Nebraskans saved $325 million using ethanol blends.  Last time I fueled up with E10 at Hy-Vee, I saved 55 cents per gallon.  The 45Z credit boosts biofuel production and creates value for farmers and ranchers.  It narrows eligible feedstock commodities to North America, protecting Nebraska farmers from foreign competition.  Producers in Communist China should be prevented from receiving American tax subsidies.  All of this boosts demand for row crops and renewable fuel production.  That means more jobs and better prices.  Nebraska’s 25 ethanol plants support 1,300 jobs and have a $6 billion impact.  The credit gives investors the certainty they need to hire and expand.   

Nebraska agriculture feeds and fuels the world.  When I was Governor, I led trade missions to places like Japan and Vietnam to build strong relationships between foreign importers and Nebraska producers.  I launched an international trade council to discover new opportunities overseas.  Nebraska’s economy thrives when our producers can reach high-paying global markets.  

Recognizing this, OBBB strengthens the Supplemental Agricultural Trade Promotion Program.  This provides $285 million annually to promote U.S. agricultural exports.  It doubles funding for the Market Access Program and the Foreign Market Development program.  That means more demand for Nebraska beef, corn, and soybeans abroad.  Simply put, when agriculture thrives, so does the entire Nebraska economy.  Maintaining current exports and opening up markets under OBBB will help get better prices for our products.      

The big, beautiful bill gives critical support to young farmers and ranchers taking over the family business or starting out on their own.  The Beginning Farmer and Rancher Development Benefit was extended from five years to ten years.  That gives new producers access to critical risk management tools for longer.    

OBBB also supports educational access for rural students.  It excludes agricultural assets from student financial aid calculations.  That means farm kids will not be discriminated against when applying for financial aid.  For young Nebraskans, the bill expands Pell Grant eligibility to short-term job training.  That includes hands-on fields like welding, diesel tech, and irrigation systems.  Now, a young Nebraskan in Scottsbluff can learn a trade and start working at places like Aulick Industries without piling up debt.   

The Big Beautiful Bill helps Nebraska producers grow and reinvest.  Full expensing is now permanent for property like tractors and other heavy machinery.  A corn grower in Custer County will be able to fully write off a new, more efficient combine.  Another provision in the bill boosts expensing for tools and equipment.  This helps small businesses from welders to seed dealers invest to improve productivity.  

The One Big Beautiful Bill gives producers needed updates to the farm safety net.  Reference prices now reflect today’s markets.  Drought aid under the Livestock Forage Program has been improved.  Now, producers facing feed losses from grazing shortfalls will see faster relief.  These updates give producers support, stability, and long-term certainty. 

Nebraska’s future depends on certainty for farmers, ranchers, and agri-business.  The One Big Beautiful Bill supports agriculture today and protects the next generation of farmers and ranchers.  That is how we keep producing the Good Life. 

My team and I are here to serve you.  Contact us anytime by phone at 202-224-4224.  You can also view my website at www.ricketts.senate.gov/contact.