Bill > S1073

This bill amends the Federal Crop Insurance Act to provide enhanced support for beginning and veteran farmers and ranchers. Specifically, the bill extends the definition of a "beginning farmer or rancher" from 5 to 10 years, and similarly modifies the definition for veteran farmers and ranchers. The legislation increases crop insurance assistance by adjusting the percentage of premium subsidies these farmers can receive. For the first two reinsurance years, beginning and veteran farmers will receive a 15 percentage point increase in their premium subsidy, which then gradually decreases over subsequent years: 13 percentage points in the third year, 11 percentage points in the fourth year, and 10 percentage points from the fifth through tenth years. This approach aims to provide more financial support and stability for new and veteran agricultural producers during their initial years of operation, helping them establish and sustain their farming businesses by reducing their crop insurance costs.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/senate-bill/1073/all-info