The Senate voted on Sunday to pass (51-50) the $740-billion Inflation Reduction Act (IRA) bill, which carves out $20 billion to support climate-smart agricultural practices for farmers. 

The bill would pay farmers $25 per acre, up to 1,000 acres, to plant cover crops through the 2026 crop year. It also includes a $5 per acre incentive for landowners to establish cover crops with renters as well.

The funding breakdown includes: $8.45 billion for the Environmental Quality Incentives Program (EQIP), $6.75 billion for the Regional Conservation Partnership Program (RCPP), $3.25 billion for the Conservation Stewardship Program (CSP), $1.4 billion for the Agricultural Conservation Easement Program (ACEP) and $1 billion to boost USDA conservation technical assistance.

The House is set to return from their summer recess on Friday to vote on the bill.