Bill > SB2985

This bill modifies the Texas Agricultural Finance Authority (TAFA) in several key ways. It reduces the board of directors from nine to six members, removing the director of the Institute for International Agribusiness Studies and adjusting the composition of appointed members. The bill expands the authority's programs to include studying issues impacting agricultural producers, such as plant diseases and pest outbreaks. It increases the maximum loan amount under the farmer interest rate reduction program from $500,000 to $1 million and changes the program's focus from specifically "young farmers" to a broader agricultural audience. The grant program is similarly modified, removing the age restrictions for applicants and increasing the maximum grant amount from $20,000 to $500,000, while reducing the matching funds requirement from a dollar-for-dollar match to just 10% of the grant money. Additionally, the bill mandates that the Texas A&M AgriLife Extension Service conduct and publish annual studies on plant diseases and pest outbreaks, with a comprehensive report and policy recommendations due by January 1, 2028. The bill also requires the TAFA to submit an annual report to the Legislative Budget Board that includes detailed information about revenues and expenditures for each program it administers.