Crop Insurance for Future Farmers Act of 2023

Bill: 118-s-2458
Sponsor: full_name: Sen. Klobuchar, Amy [D-MN]
Introduced: 2023-07-25
Policy area: Agriculture and Food
Latest action: action_date: 2023-07-25
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2023-07-25
action_desc: Introduced in Senate
text: <p><strong>Crop Insurance for Future Farmers Act of 2023</strong></p><p>This bill amends the federal crop insurance program (FCIP) to increase the premium assistance rate for beginning and veteran farmers or ranchers.</p><p>Specifically, the bill amends the amount of percentage points that are added to the premium assistance rate for&nbsp;beginning and veteran farmers or ranchers for an applicable insurance policy or plan (currently 10 percentage points) to provide</p><ul><li>15 percentage points in each of the 1st and 2nd reinsurance years,</li><li>13 percentage points in the 3rd year,</li><li>11 percentage points in the 4th year, and</li><li>10 percentage points in each of the 5th through the 10th reinsurance years.</li></ul><p>The bill also amends the FCIP definition of <em>beginning farmer or rancher </em>to include a farmer or rancher who has not actively operated and managed a farm or ranch for more than 10 crop years (currently more than 5 crop years).</p><!--tinycomments|2.1|data:application/json;base64,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-->

tv_txt: II 118th CONGRESS 1st Session S. 2458 IN THE SENATE OF THE UNITED STATES July 25, 2023 Ms. Klobuchar (for herself and Mr. Thune ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Federal Crop Insurance Act to promote crop insurance support for beginning farmers and ranchers, and for other purposes.

1. Short title This Act may be cited as the Crop Insurance for Future Farmers Act of 2023 . 2. Crop insurance support for beginning farmers and ranchers (a) Definition of beginning farmer or rancher (1) In general Section 502(b)(3) of the Federal Crop Insurance Act ( 7 U.S.C. 1502(b)(3) ) is amended by striking 5 and inserting 10 . (2) 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). (b) Increase in assistance Section 508(e)(8) of the Federal Crop Insurance Act ( 7 U.S.C. 1508(e)(8) ) is amended— (1) by striking Notwithstanding and inserting the following: (A) In general Notwithstanding ; (2) in subparagraph (A) (as so designated), by striking is 10 percentage points greater than and inserting is the amount of percentage points specified in subparagraph (B) greater than ; and (3) by adding at the end the following: (B) Percentage points adjustments The percentage points referred to in subparagraph (A) are the following: (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. .