HR2117-119

1. Short title This Act may be cited as the Crop Insurance for Future Farmers Act.

2. Crop insurance support for beginning farmers and ranchers and veteran farmers and ranchers 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. 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. 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: 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: For purposes of subparagraph (A), the percentage points specified in this subparagraph are as follows: 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. 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. 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. 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. Section 522(c)(7) of the Federal Crop Insurance Act (7 U.S.C. 1522(c)(7)) is amended by striking subparagraph (F). (A)In generalNotwithstanding; (B)Percentage points adjustmentsFor 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..