Ankeny, Iowa: The Iowa Soybean Association (ISA) has welcomed the U.S. House’s approval of the “One Big Beautiful Bill Act,” a wide-ranging new law that promises strong support for soybean farmers. The bill, expected to be signed into law on Friday afternoon, includes changes to taxes, better support programs for farmers, and new incentives for biofuels, reports Iowa’s News Now.
ISA President Brent Swart, a soybean farmer from Spencer, called the bill a major win for Iowa’s 37,000 soybean farmers and thanked the Trump administration and Iowa’s members of Congress for their work on key farming issues.
One important part of the bill extends support for clean fuel made from crops like soybeans until 2029. It also removes rules that made it harder to use farmland for these fuels and limits the fuel sources to those grown in the U.S., Mexico, or Canada.
Another change increases support for small biodiesel producers by raising the benefit to 20 cents per gallon. This will help local plants that make fuel from soybeans and create more opportunities for Iowa farmers.
The bill also provides long-term tax relief for farmers. It raises the amount of money a person can pass on without paying estate taxes to $15 million and keeps an important farm tax break in place. It also raises the base price for soybeans used in government programs to $10 per bushel starting in 2025, with increases tied to inflation beginning in 2031.
“For farmers passing family farms to sons and daughters, the estate tax reform helps secure our generational legacy,” Swart said. He also praised ISA members who spoke to lawmakers in support of the bill.
In 2024, the biodiesel industry added about $1 to the price of each bushel of soybeans and brought in around $598 million in extra value for Iowa farmers.
The bill also improves programs that protect farmers from crop losses, adds help for new farmers, and doubles the funding for government programs that promote U.S. farm products around the world. These changes aim to create more global demand for Iowa’s crops.
