Lucas on Trump’s Big, Beautiful Bill: “Necessary for Oklahoma”
May 29, 2025
Press
| Washington, DC – Congressman Frank D. Lucas (OK-03) released the following statement after voting to pass the House Reconciliation package, also known as President Trump’s “big, beautiful bill”. “Passing the House Republicans’ reconciliation package was not just a follow through on our promise to advance President Trump’s agenda, it was also necessary for Oklahoma,” said Congressman Lucas. “Included in this bill are key provisions that our cherished agriculture industry depends on, such as expanding the farm safety net and investing in critical programs. This historic piece of legislation also secures vital funding for the FAA Academy in OKC and prevents a disastrous tax hike on Oklahomans. Failing to pass this bill would have been negligent for Oklahoma and for the entire country.” BACKGROUND: The reconciliation package invests more than $60 billion into farm country. Below are some of the notable provisions: -Reference prices across all covered commodities will be increased by 10% to 20% and starting in crop year 2031, there will be a 0.5% increase in reference prices yearly to account for inflation. -Extends mandatory funding for several important conservation programs that are utilized in Oklahoma like the Environmental Quality Incentives Program (EQIP), Conservation Stewardship Program (CSP), Agricultural Conservation Easement Program (ACEP), and the Regional Conservation Partnership Program (RCCP). -Allows producers to be compensated for 100% of their livestock’s fair market value if a federally protected species kills them. Currently, producers can only receive 75% of the value of that animal, but this package ensures producers are compensated fairly and don’t pay the price for following the law. -Invests $125 million annually to assist qualifying institutions with the costs of constructing or renovating agricultural research buildings to conduct research in agriculture and food sciences. -Extends and invests in important market access programs that open foreign markets for the agricultural industry. There are also several other key provisions that Rep. Lucas advocated for: -Prevention of a 24% tax hike on Oklahomans, the largest in history. -Prevents the Death Tax from hitting over 2 million family-owned farms who would otherwise see their limitation cut in half. Ensures that family-owned farms and ranches can be passed down to the next generation. -A permanent increase to the Section 199A Small Business deduction from 20% to 23%. -A 5-year reinstatement of 100% bonus depreciation. -Caps the Consumer Financial Protection Bureau’s funds to 5% of the Federal Reserve’s total operating expenses. Under current law, the CFPB can draw down 12%. -$1 billion in funding for air traffic controller recruitment, retention, training, and advanced training technologies. |
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