Sec. 3. Loan rates
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Section 1202 of the Agricultural Act of 2014 ( 7 U.S.C. 9032 ) is amended— in subsection (b)— in the subsection heading, by striking and inserting 2023 ; and 2024 in the matter preceding paragraph (1), by striking 2023 and inserting 2024 ; by redesignating subsections
(c)and
(d)as subsections
(d)and (e), respectively; and by inserting after subsection
(b)the following: Beginning with the 2025 crop year, the Secretary shall establish a loan rate for a marketing assistance loan under section 1201 for a loan commodity equal to the lesser of— an amount equal to 110 percent of the loan rate for the loan commodity described in subsection (b); and an amount equal to the greater of— the loan rate for the loan commodity described in subsection (b); and the sum obtained by adding— the loan rate for the loan commodity described in subsection (b); and the product obtained by multiplying— the loan rate for the loan commodity described in subsection (b); and using data calculated and published by the Economic Research Service, the quotient obtained by dividing— the difference between— the forecasted crop input expenses (including interest, labor, property taxes, seed, fertilizer and lime, fuel, oil, electricity, pesticides, and net rent to landowners) for the applicable crop year; and the average of the crop input expenses for the 5-year period immediately preceding the applicable crop year; by the average of the crop input expenses described in item (aa)(AA) for the 5-year period immediately preceding the applicable crop year. . Section 1204(h)(1) of the Agricultural Act of 2014 ( 7 U.S.C. 9034(h)(1) ) is amended by striking (a)(20) or (b)(20), and inserting (a)(20), (b)(20), or (c), .
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