Sec. 414. Financing the transportation of agricultural products
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Subchapter II of chapter 553 of title 46, United States Code, is amended by inserting after section 55315 the following: The Secretary of Transportation shall finance any increased ocean freight costs incurred in any fiscal year that result from the application of section 55305 of this title to the agricultural export programs specified in section 55314(b) of this title. The Secretary of Transportation shall reimburse the Secretary of Agriculture, the Commodity Credit Corporation, and the United States Agency for International Development for the amount by which, in any fiscal year— the total cost of ocean freight and ocean freight differential for which obligations are incurred by the Secretary of Agriculture, the Corporation, and the United States Agency for International Development on exports of agricultural products under the agricultural export programs specified in section 55314(b) of this title; exceeds 20 percent of the value of the agricultural products and the cost of the ocean freight and ocean freight differential on which obligations are incurred by the Secretary of Agriculture, the Corporation, and the United States Agency for International Development during that fiscal year.
For purposes of this subsection, agricultural products shipped from the inventory of the Corporation shall be valued as provided in section 412(d) of the Food for Peace Act ( 7 U.S.C. 1736f(d) ). By not later than 180 days after the date of enactment of the SHIPS for America Act of 2024, the Secretary of Transportation shall enter into an interagency agreement with the head of each agency entitled to reimbursement under subsection (b)(1). Each interagency agreement shall include— an explanation of the process the agency shall follow to receive a reimbursement from the Secretary of Transportation under this section; a standard methodology for calculating the reimbursement an agency is entitled to under this section; and deadlines— by which an agency shall submit a reimbursement request in order to receive reimbursement; and by which the Secretary of Transportation shall approve a properly filed reimbursement request, which date shall not be more than 90 days after the date on which the reimbursement request is submitted.
The Secretary of Transportation shall notify the appropriate committees of Congress— when each interagency agreement required under this subsection is finalized; and any time that an interagency agreement required under this subsection is updated. In this section, the term agricultural product has the meaning given the term in section 55314 of title 46, United States Code. Each fiscal year, there is authorized to be appropriated, out of the Maritime Security Trust Fund established under section 9512 of the Internal Revenue Code of 1986, an amount sufficient to reimburse the Secretary of Transportation for the costs incurred under this section, including administrative expenses. .
The table of sections for subchapter II of chapter 553 of title 46, United States Code, is amended by inserting after the item relating to section 55315 the following: 55316. Financing the transportation of agricultural products. .
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Sec. 414
Financing the transportation of agricultural products
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