Sec. 2102.
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With respect to the 2024 crop year, if the Secretary determines that the expected gross return per acre for an eligible commodity determined under paragraph
(2)is less than the expected cost of production per acre for that eligible commodity determined under paragraph (3), the Secretary shall, not later than 90 days after the date of enactment of this Act, make a 1-time economic assistance payment to each producer of that eligible commodity during that crop year. The expected gross return per acre for an eligible commodity referred to in paragraph
(1)shall be equal to— in the case of wheat, corn, grain sorghum, barley, oats, cotton, rice, and soybeans, the product obtained by multiplying— the projected average farm price for the applicable eligible commodity for the 2024–2025 marketing year contained in the most recent World Agricultural Supply and Demand Estimates published before the date of enactment of this Act by the World Agricultural Outlook Board; and the national average harvested yield per acre for the applicable eligible commodity for the most recent 10 crop years, as determined by the Secretary; and in the case of each eligible commodity not specified in subparagraph (A), a comparable estimate of gross returns, as determined by the Secretary. The expected cost of production per acre for an eligible commodity referred to in paragraph
(1)shall be equal to— in the case of wheat, corn, grain sorghum, barley, oats, cotton, rice, and soybeans, the total costs listed for the 2024 crop year with respect to the applicable eligible commodity contained in the most recent data product entitled national average cost-of-production forecasts for major U.S. field crops published by the Economic Research Service; and in the case of each eligible commodity not specified in subparagraph (A), a comparable total estimated cost-of-production, as determined by the Secretary. The amount of an economic assistance payment to a producer for an eligible commodity under paragraph
(1)shall be equal to 26 percent of the product obtained by multiplying— the economic loss for that eligible commodity determined under subparagraph (B); and the eligible acres of that eligible commodity on the farm determined under subparagraph (C). For purposes of subparagraph (A)(i), the economic loss for an eligible commodity shall be equal to the difference between— the expected cost of production per acre for that eligible commodity, as determined under paragraph (3); and the expected gross return per acre for that eligible commodity, as determined under paragraph (2). For purposes of subparagraph (A)(ii), the eligible acres of an eligible commodity on a farm shall be equal to the sum obtained by adding— the acreage planted on the farm to that eligible commodity for harvest, grazing, haying, silage, or other similar purposes for the 2024 crop year; and an amount equal to 50 percent of the acreage on the farm that was prevented from being planted during the 2024 crop year to that eligible commodity because of drought, flood, or other natural disaster, or other condition beyond the control of the producers on the farm, as determined by the Secretary. For purposes of subparagraph (C)(i), the Secretary shall consider acreage planted to include any land devoted to planted acres for accepted skip-row planting patterns, as determined by the Secretary. If the Secretary determines there is insufficient data to determine the comparable estimate of gross returns with respect to an eligible commodity under paragraph (2)(B) or a comparable total estimated cost-of-production with respect to an eligible commodity under paragraph (3)(B), the Secretary shall use data related to a similarly situated commodity for purposes of determining the payment amount under this paragraph. In no case shall the amount of an economic assistance payment to a producer for an eligible commodity under paragraph
(1)be equal to less than the product obtained by multiplying— 8 percent of the reference price for the eligible commodity described in section 1111(19) of the Agricultural Act of 2014 ( 7 U.S.C. 9011(19) ); the national average payment yield for the eligible commodity described in section 1111(15) of that Act ( 7 U.S.C. 9011(15) ); and the number of eligible acres for the eligible commodity described in paragraph (4)(C). Except as provided in paragraph (2), sections 1001, 1001A, 1001B, and 1001C of the Food Security Act of 1985 ( 7 U.S.C. 1308 , 1308–1, 1308–2, 1308–3) shall apply with respect to assistance provided under this section. The total amount of payments received, directly or indirectly, by a person or legal entity (except a joint venture or general partnership) under this section may not exceed— $125,000, if less than 75 percent of the average gross income of the person or legal entity for the 2020, 2021, and 2022 tax years is derived from farming, ranching, or silviculture activities; and $250,000, if not less than 75 percent of the average gross income of the person or legal entity for the 2020, 2021, and 2022 tax years is derived from farming, ranching, or silviculture activities. The payment limitations under paragraph
(2)shall be separate from annual payment limitations under any other program. In this section: The terms extra-long staple cotton and producer have the meanings given those terms in section 1111 of the Agricultural Act of 2014 ( 7 U.S.C. 9011 ). The term cotton means extra-long staple cotton and upland cotton. The term eligible commodity means a loan commodity (as defined in section 1201(a) of the Agricultural Act of 2014 ( 7 U.S.C. 9031(a) ). The term eligible commodity does not include graded wool, nongraded wool, mohair, or honey. The terms legal entity and person have the meanings given those terms in section 1001(a) of the Food Security Act of 1985 ( 7 U.S.C. 1308(a) ). The term rice means long grain rice and medium grain rice. The term Secretary means the Secretary of Agriculture. Amounts provided by this section are designated by the Congress as being for an emergency requirement pursuant to section 251(b)(2)(A)(i) of the Balanced Budget and Emergency Deficit Control Act of 1985.
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