The bill would extend the period used to identify beginning farmers and ranchers from five years to ten years. It would also extend the period used to identify veteran farmers and ranchers from five years to ten crop years. For eligible farmers and ranchers, it would increase crop insurance premium assistance above the standard amount by 15 percentage points in each of the first two reinsurance years, 13 points in the third year, 11 points in the fourth year, and 10 points in each of the fifth through tenth years.
If you are a beginning or veteran farmer or rancher, the bill could allow you to qualify for these crop insurance benefits for a longer period and provide higher premium assistance during some early years. The text does not describe other eligibility details or how the changes would apply to individual policies.
The bill does not state total costs or provide an estimate of its financial impact. It would increase the specified crop insurance premium assistance for eligible farmers and ranchers.
No publicly available information.
No publicly available information.