Farmer Assistance and Revenue Mitigation Act of 2024

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 such eligible commodity determined under paragraph (3), the Secretary shall, not later than 90 days after the date of the enactment of this section, make 1-time economic assistance payments to each producer of such commodity during such crop year.

The expected gross return per acre for an eligible commodity shall be—

(A) in the case of corn, soybeans, wheat, cotton, rice, sorghum, oats, and barley, equal to the product obtained by multiplying—

(i) the projected average farm price for the 2024–2025 marketing year in the most recent World Agricultural Supply and Demand Estimates published by the World Agricultural Outlook Board; by

(ii) the national average harvested yield per acre for the applicable eligible commodity for the most recent 10 years, as determined by the Secretary; and

(B) 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 shall be—

(A) in the case of corn, soybeans, wheat, cotton, rice, sorghum, oats, and barley, the total costs listed for the 2024 crop year with respect to such commodity in the most recent data product Cost-of-production forecasts for major U.S. field crops published by the Economic Research Service of the Department of Agriculture; and

(B) in the case of each eligible commodity not specified in subparagraph (A), a comparable estimate of total production costs, 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 60 percent of the amount equal to—

(i) the economic loss for the eligible commodity; multiplied by

(ii) the eligible acres of such eligible commodity on the farm.

For purposes of paragraph (1), the economic loss for an eligible commodity shall be equal to—

(i) the expected cost of production per acre for the eligible commodity, as determined under paragraph (3); minus

(ii) the expected gross return per acre for the eligible commodity, as determined under paragraph (2).

For purposes of paragraph (1), the eligible acres of an eligible commodity on a farm shall be equal to—

(i) the acreage planted on the farm to the eligible commodity for harvest, grazing, haying, silage, or other similar purposes for the 2024 crop year; plus

(ii) the amount equal to 50 percent of the acreage on the farm that were prevented from planting during the 2024 crop year to such 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.

Except as provided in paragraph (2), sections 1001, 1001A, 1001B, 1001C, and 1001D of the Food Security Act of 1985 (7 U.S.C. 1308; 1308–1; 1308–2; 1308–3; 1308–3a) 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—

(A) $175,000, 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

(B) $350,000, if equal to or greater 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 Secretary shall use the funds, facilities, and authorities of the Commodity Credit Corporation in carrying out this section.

Each amount provided by this Act is 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.

The budgetary effects of this Act shall not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(d)).

The budgetary effects of this Act shall not be entered on any PAYGO scorecard maintained for purposes of section 4106 of H. Con. Res. 71 (115th Congress).

In this section:

The terms covered commodity, extra long staple cotton, producer, and seed cotton have the meanings given the terms, respectively, in section 1111 of the Agricultural Act of 2014 (7 U.S.C. 9011).

The term cotton includes extra long staple cotton and seed cotton.

The terms legal entity and person have the meaning given those terms in section 1001(a) of the Food Security Act of 1985 (7 U.S.C. 1308(a)).

The term eligible commodity means a covered commodity and cotton.

The term rice includes medium grain and long grain rice.

The term Secretary means the Secretary of Agriculture.