Sec. 1106. Price loss coverage
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Section 1116 of the Agricultural Act of 2014 ( 7 U.S.C. 9016 ) is amended— in subsection (a)— in the matter preceding paragraph (1), by striking make the election and all that follows through subsection (c)(2) of such section, and inserting have elected or have been deemed to have elected price loss coverage under section 1115, ; and in paragraph (2), in the matter preceding subparagraph (A), by striking 2023 and inserting 2029 ; in subsection (c)(1)— in subparagraph (B)— in the subparagraph heading, by striking and inserting 2023 ; and 2024 by striking 2023 and inserting 2024 ; and by adding at the end the following:
For the 2025 through 2029 crop years, the payment rate shall be equal to the lesser of— the difference between— the effective reference price for the covered commodity; and the effective price determined under subsection
(b)for the covered commodity; and 15 percent of the effective reference price. ; in subsection (d)— by redesignating paragraphs
(1)through
(3)as subparagraphs
(A)through (C), respectively, and indenting appropriately; in the matter preceding subparagraph
(A)(as so redesignated)— by striking 2024 and inserting 2029 ; and by striking If price loss coverage and inserting the following: If price loss coverage ; and by adding at the end the following: For the 2024 through 2029 crop years, the Secretary shall make an appropriate adjustment in the price loss coverage payment amount determined under paragraph
(1)by subtracting from the payment amount any portion of the payment amount that would have been included in subparagraph (A)(i)(II)(cc), (B)(i)(II)(cc), (C)(i)(I)(bb)(BB), or (C)(ii)(I)(bb) of section 1503(e)(1) but for the timing of the price loss coverage payment. ; and in subsection (e)— by striking If the Secretary and inserting the following: Subject to paragraph (2), if the Secretary ; and by adding at the end the following: If, before the end of the 12-month marketing year for a covered commodity for any of the 2024 through 2029 crop years, the Secretary projects that price loss coverage payments will be required for the crop of the covered commodity, the Secretary shall give producers on a farm the option to receive partial payments of the price loss coverage payments to be made for that crop of the covered commodity. When the Secretary makes partial payments available under subparagraph
(A)for a covered commodity, the partial payment shall be made beginning February 1, or as soon as practicable thereafter, after the beginning of the applicable marketing year for the covered commodity. The partial payments under subparagraph
(A)to the producers on a farm may not exceed 50 percent of the projected price loss coverage payment for the covered commodity for the crop year, as determined by the Secretary. The producers on a farm that receive a partial payment under subparagraph
(A)for a crop year shall repay to the Secretary the amount, if any, by which the partial payments received by the producers on a farm exceed the actual price loss coverage payments to be made for the covered commodity for that crop year. .
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Sec. 1106
Price loss coverage
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