By BOB BAIRDAssociated PressAssociated PressThe National Agricultural Insurance Agency has approved $4 billion in new funding to cover the costs of wind farms and other agricultural assets at the state and federal level, the agency said Friday.
The $4.2 billion package includes $4,000 for wind turbines, $3,500 for other farm-related equipment and $2.5 million for the U.S. Department of Agriculture, which manages the program, said the agency.
The program will be used for farm assets with annual value of more than $100 million.
The program was announced by President Donald Trump on Friday, saying the government must be able to afford to keep up with rising food prices.
“Farmers and ranchers across the country are having to compete with a growing number of energy-intensive technologies and products that are more environmentally and socially damaging,” the president said in a statement.
“With this support, we will have the resources to continue to advance this important program.”
The agency said the funding will cover more than 2,600 farms, including more than 1,600 on the National Agricultural Property, including 1,400 in Iowa.
The announcement comes as the wind farm boom continues in Iowa and other states.
The Trump administration has proposed a number of tax cuts and other measures to stimulate the U,S.
economy and ease the burden on families and small businesses.
The farm bill includes a proposal to increase the standard deduction, which currently is $6,600 for a married couple.
That proposal would increase to $12,000 the current limit for married couples with one child.
The bill also increases the child tax credit, which provides a credit of $2,000 per child for taxpayers with incomes of up to $500,000, to $2 for couples with incomes between $200,000 and $500.