TX SB2985

Reduces the Texas Agricultural Finance Authority board from 11 members to 7 members by removing the Prairie View A&M University representative and decreasing appointed members from 9 to 6, with fewer agricultural lending and young farmer representatives

Renames the "Young Farmer Interest Rate Reduction Program" to "Farmer Interest Rate Reduction Program," removing age eligibility requirements (previously 18-45 years old), increasing maximum loan amounts from $500,000 to $1 million, and reducing the maximum lending rate from 4% to 1% above the linked deposit rate

Renames the "Young Farmer Grant Program" to "Agriculture Grant Program," removing age requirements, increasing maximum grants from $20,000 to $500,000, and reducing matching fund requirements from dollar-for-dollar to 10% of grant money received

Requires the authority to submit annual reports including program-specific revenues and expenditures to the Legislative Budget Board, and expands authority programs to include partnerships with state entities studying plant diseases and pest outbreaks

Mandates the Texas Department of Agriculture to partner with Texas A&M AgriLife Extension Service or Texas Animal Health Commission for annual studies on plant disease and pest outbreaks, with reports due by January 1 each year and a comprehensive policy recommendation report due by January 1, 2028