Nebraska Panhandle News

U.S. Senator Pete Ricketts (R-NE) highlighted the importance of agriculture in Nebraska and outlined provisions of the One Big Beautiful Bill during his weekly press call with local media this week.

“Agriculture is the heart and soul of what we do in Nebraska,” said Ricketts. “Family farms, ranches, and agri-businesses are the backbone of communities across our state.  The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow. It grows our economy at home and will help gain new markets abroad.”

Ricketts explained that the legislation aims to provide both immediate support for producers and a framework for future growth in agriculture. He emphasized that more than 80% of Nebraska’s farms are family-owned, making policies that benefit these operations critical to the state’s economy.

“The One Big Beautiful Bill helps producers today and lays the foundation for strong agricultural growth tomorrow. It grows our economy at home and will help gain new markets abroad,” he said.

He detailed several components of the bill, including measures to avoid a $2,400 tax increase on average Nebraska families, make permanent an increased exemption from the estate tax—often called the “Death Tax”—and ensure this exemption rises with inflation.

“The One Big Beautiful Bill backs our way of life. First of all, the bill avoided a $2,400 tax increase that would have hit the average Nebraska family. That’s $2,400 that Nebraskans can continue to spend on groceries, electric bills or to save for a family vacation,” Ricketts stated.

He added: “The bill also helps farmers plan for the next generation. Over 80% of Nebraska’s farms are family-owned. The 2017 Tax Cuts and Jobs Act cut in half the number of farm and ranch families that were going to be subject to the Death Tax. The Big Beautiful Bill ensures the Death Tax exemption will now be permanent and rise with inflation. This will ensure that over $200 billion in hard-earned family farm assets across the country will go to the next generation and not the government. Now, more farms will be passed down, not taxed away to Uncle Sam.”

Ricketts also pointed out benefits related to biofuels production through a clean fuel production credit known as 45Z. He noted its potential impact on both consumers’ fuel costs and environmental outcomes while supporting local jobs.

“The 45Z clean fuel production credit is another major win for Nebraska,” he said. “Biofuels are a win for consumers who save money at the pump. It’s a win for the environment, because it helps clean up our environment, and it’s a win for our farmers and ranchers.”

He continued: “Last year, Nebraskans saved $325 million using ethanol blends. Last time I fueled up at Hy-Vee with E10, I saved 55 cents per gallon. The 45Z credit boosts biofuel production and creates value for farmers and ranchers. It narrows eligible feedstock commodities to North America, protecting Nebraska farmers from foreign competition.”

“Nebraska’s 25 ethanol plants support 1,300 jobs and have a $6 billion impact,” he said regarding economic effects tied to biofuel industries in Nebraska.

On trade issues, Ricketts referenced his previous experience as governor leading trade missions abroad to expand market opportunities for state producers.

“When I was Governor, I led trade missions to places like Japan and Vietnam to build strong relationships between foreign importers and Nebraska producers,” he said.

He explained how new funding under this bill would further strengthen U.S. agricultural exports: “Recognizing this, the One Big Beautiful Bill strengthens the Supplemental Agricultural Trade Promotion Program. It provides $285 million annually to promote U.S. agricultural exports.” He added: “It doubles funding for the Market Access Program and the Foreign Market Development program.”

The senator also addressed provisions aimed at supporting young farmers through extended access to risk management tools under an expanded Beginning Farmer and Rancher Development Benefit as well as changes designed to improve educational opportunities by excluding agricultural assets from student financial aid calculations.

“For young Nebraskans, the bill expands Pell Grant eligibility to short-term job training,” he said.

Other aspects highlighted include making full expensing permanent for property such as tractors or heavy machinery—a change expected to benefit equipment investment—and updates improving drought relief programs.

“These updates give producers support, stability, and long-term certainty,” Ricketts concluded.

“Nebraska’s future depends on certainty for farmers, ranchers, and agri-business,” he said.“The One Big Beautiful Bill supports agriculture today and protects the next generation of farmers and ranchers.That is how we keep producing the Good Life.”