From the Council on Foundations’ May 27 Legislative Update:
Despite a presidential veto, the farm bill became law last week after the House and Senate voted to override the President’s veto. The law only contains 14of the original 15 titles due to a staff error. House and Senate parliamentarians and constitutional scholars have determined that the omission of Title III did not invalidate the whole bill. However, erring on the side of caution, the House adopted a new version of the entire 15-title farm bill, and the Senate is expected to do the same in June.
The farm bill includes a two-year extension of the expired conservation easement tax incentive and a new Rural Collaborative Investment Program (RCIP). This program is designed to enhance rural competitiveness through matching long-term loans to eligible community foundations. Note, the term “community foundation” is not defined in the bill. COF staff will work with the federal department of agriculture when it begins the process to develop the necessary regulations to implement this new program. The manner in which the term community foundations will be “defined” or interpreted will be of utmost importance to us. The farm bill, which will cost $300 billion, reauthorizes the 2002 Farm Act, expands nutrition programs, and makes some reforms to conservation and farm subsidy programs.
