HR3904-118

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 Section 502(b)(3) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1502(b)(3)) is amended by striking 5 crop years and inserting 10 crop years. Section 508(e)(8) of the Agricultural Adjustment Act of 1938 (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 amount 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 participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 15 percentage points. 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. 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. 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. (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 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..