House Passes Farm Bill

From NTRA
WASHINGTON (May 14, 2008) -- The Farm Bill conference report was passed by the House of Representatives on Wednesday, 318 to 106. The Senate will vote next. Congress has given itself until May 16 to finish the bill.

It is expected the Senate also will approve the final version of the Farm Bill and send it to the President for approval. Senate Finance ranking member Charles Grassley (R-IA) has indicated he will work to override a likely presidential veto.

To support an override, both chambers must reach a two-thirds majority of members present and voting. The House easily achieved that and Grassley predicted the Senate would reach the 66 votes it needs to do the same.

The Farm Bill includes language to amend the depreciation schedule for racehorses and also makes equine farmers and ranchers eligible for emergency federal loans following a disaster. Horse breeders previously have not been eligible for these loans, while other livestock producers have been.

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