Section 1. Short title
This Act may be cited as the Crop Insurance for Future Farmers Act.
(1) In general
Section 502(b)(3) of the Federal Crop Insurance Act (7 U.S.C. 1502(b)(3)) is amended by striking 5 and inserting 10.
(2) Conforming amendment
Section 522(c)(7) of the Federal Crop Insurance Act (7 U.S.C. 1522(c)(7)) is amended by striking subparagraph (F).
(b) Definition of veteran farmer or rancher
Section 502(b)(14)(B) of the Federal Crop Insurance Act (7 U.S.C. 1502(b)(14)(B)) is amended—
(1) in clause (ii), by striking 5 years and inserting 10 crop years; and
(2) in clause (iii), by striking 5-year and inserting 10-year.
(c) Increase in assistance
Section 508(e)(8) of the Federal Crop Insurance Act (7 U.S.C. 1508(e)(8)) is amended—
(1) by striking Notwithstanding and inserting the following:
(A) In general
Notwithstanding
(2) in subparagraph (A) (as so designated), by striking is 10 percentage points greater than and inserting is the number of percentage points specified in subparagraph (B) greater than; and
(3) by adding at the end the following:
(B) Percentage points adjustments
For purposes of subparagraph (A), the percentage points specified in this subparagraph are as follows:
(i) For each of the first and second reinsurance years that a beginning farmer or rancher or veteran farmer or rancher participates as a beginning farmer or rancher or veteran farmer or rancher, respectively, in the applicable policy or plan of insurance, 15 percentage points.
(ii) For the third reinsurance year that a beginning farmer or rancher or veteran farmer or rancher participates as a beginning farmer or rancher or veteran farmer or rancher, respectively, in the applicable policy or plan of insurance, 13 percentage points.
(iii) For the fourth reinsurance year that a beginning farmer or rancher or veteran farmer or rancher participates as a beginning farmer or rancher or veteran farmer or rancher, respectively, in the applicable policy or plan of insurance, 11 percentage points.
(iv) For each of the fifth through tenth reinsurance years that a beginning farmer or rancher or veteran farmer or rancher participates as a beginning farmer or rancher or veteran farmer or rancher, respectively, in the applicable policy or plan of insurance, 10 percentage points.