Section 1 Short title
This Act may be cited as the “Crop Insurance for Future Farmers Act”.
Crop Insurance for Future Farmers Act
A BILL
To amend the Federal Crop Insurance Act to promote crop insurance support for beginning farmers and ranchers, and for other purposes.
Sec. 2 Crop insurance support for beginning farmers and ranchers
Definition of beginning farmer or rancher— Section 502(b)(3) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1502(b)(3)) is amended by striking “5 crop years” and inserting “10 crop years”.
Increase in assistance— Section 508(e)(8) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1508(e)(8)) is amended—
by striking “Notwithstanding” and inserting the following:
“(A) In general—Notwithstanding”
by striking “is 10 percentage points greater than” and inserting “is the amount of percentage points specified in subparagraph (B) greater than”; and
by adding at the end the following:
“(B) Percentage points adjustments—For purposes of subparagraph (A), the percentage points specified in this subparagraph are as follows:
“(i) For each of the first and second reinsurance years that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 15 percentage points.
“(ii) For the third reinsurance year that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 13 percentage points.
“(iii) For the fourth reinsurance year that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 11 percentage points.
“(iv) For each of the fifth through tenth reinsurance years that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 10 percentage points.”