Sec. 1107. Agriculture risk coverage
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Section 1117 of the Agricultural Act of 2014 ( 7 U.S.C. 9017 ) is amended— in subsection (a), in the matter preceding paragraph (1)— by striking make the election under section 1115(a) to obtain agriculture risk coverage, and inserting have elected or have been deemed to have elected agriculture risk coverage under section 1115, ; and by striking years or the 2019 through 2023 crop years, and inserting years, the 2019 through 2023 crop years, or the 2024 through 2029 crop years, ; in subsection (c)— in paragraph (1)— by striking The agriculture and inserting the following:
For the 2014 through 2023 crop years, the agriculture ; and by adding at the end the following: For the 2024 through 2029 crop years, the agriculture risk coverage guarantee for a crop year for a covered commodity shall equal 88 percent of the benchmark revenue. ; in paragraph (3)(C), by striking 2023 and inserting 2029 ; in paragraph (4)(B)— in the subparagraph heading, by striking and inserting 2023 ; and 2029 by striking 2023 and inserting 2029 ; and in paragraph (6)(B), by striking 2023 and inserting 2029 ; in subsection (d)(1), by striking subparagraph
(B)and inserting the following: for the 2014 through 2023 crop years, 10 percent of the benchmark revenue for the applicable crop year; or for the 2024 and subsequent crop years, 12.5 percent of the benchmark revenue for the applicable crop year. ; in subsection (e)— by redesignating paragraphs
(1)and
(2)as subparagraphs
(A)and (B), respectively, and indenting appropriately; in the matter preceding subparagraph
(A)(as so redesignated)— by striking 2023 and inserting 2029 ; and by striking If agriculture risk coverage and inserting the following: If agriculture risk 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 agriculture risk 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 agriculture risk coverage payment. ; in subsection (f)— 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 agriculture risk 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 agriculture risk 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 agriculture risk 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 agriculture risk coverage payments to be made for the covered commodity for that crop year. ; in subsection (g)(5), in the matter preceding subparagraph (A), by striking 2023 and inserting 2029 ; and in subsection (i)(5), by striking 2023 and inserting 2029 .
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Sec. 1107
Agriculture risk coverage
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