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 veteran farmers and ranchers, and for other purposes.
Sec. 2 Crop insurance support for beginning farmers and ranchers and veteran farmers and ranchers
Definition of beginning farmer or rancher— Section 502(b)(3) of the Federal Crop Insurance Act (7 U.S.C. 1502(b)(3)) is amended by striking “5 crop years” and inserting “10 crop years”.
Definition of veteran farmers and ranchers— Section 502(b)(14)(B) of the Federal Crop Insurance Act (7 U.S.C. 1502(b)(14)(B)) is amended—
in clause (ii), by striking “5 years” and inserting “10 crop years”; and
in clause (iii), by striking “5-year” and inserting “10-year”.
Increase in assistance— Section 508(e)(8) of the Federal Crop Insurance Act (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 number 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 or veteran farmer or rancher participates as a beginning farmer or rancher or veteran farmer or rancher in the applicable policy or plan of insurance, 15 percentage points, respectively.
“(ii) For the third reinsurance year that a beginning farmer or rancher or veteran farmer or rancher participates as a beginning farmer or rancher or veteran farmer or rancher in the applicable policy or plan of insurance, 13 percentage points, respectively.
“(iii) For the fourth reinsurance year that a beginning farmer or rancher or veteran farmer or rancher participates as a beginning farmer or rancher or veteran farmer or rancher in the applicable policy or plan of insurance, 11 percentage points, respectively.
“(iv) For each of the fifth through tenth reinsurance years that a beginning farmer or rancher or veteran farmer or rancher participates as a beginning farmer or rancher or veteran farmer or rancher in the applicable policy or plan of insurance, 10 percentage points, respectively.”
Conforming amendment— Section 522(c)(7) of the Federal Crop Insurance Act (7 U.S.C. 1522(c)(7)) is amended by striking subparagraph (F).