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Farmer Support: Loans for Modern Agricultural Equipment

This act establishes a new loan program for farmers. It allows crop and livestock producers to access funds for purchasing modern equipment, helping them manage their farms more efficiently, reduce resource consumption, and protect the environment. This support aims to modernize agriculture and improve its productivity.
Key points
Farmers can apply for loans up to $500,000 to purchase precision agriculture equipment, such as GPS systems, soil sensors, or data management software.
Loans are available to farmers with a satisfactory credit history who demonstrate repayment ability and use the funds for the specified purpose.
The maximum loan term is 12 years, with the purchased equipment or other acceptable forms serving as security.
The program aims to reduce the use of water, fertilizers, and pesticides, leading to lower production costs and environmental benefits.
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Additional Information
Print number: 118_HR_1495
Sponsor: Rep. Feenstra, Randy [R-IA-4]
Process start date: 2023-03-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Precision Agriculture Loan Program Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1495.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-09.

What are the main provisions?

Key points include:

  • Farmers can apply for loans up to $500,000 to purchase precision agriculture equipment, such as GPS systems, soil sensors, or data management software.
  • Loans are available to farmers with a satisfactory credit history who demonstrate repayment ability and use the funds for the specified purpose.
  • The maximum loan term is 12 years, with the purchased equipment or other acceptable forms serving as security.
  • The program aims to reduce the use of water, fertilizers, and pesticides, leading to lower production costs and environmental benefits.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Feenstra, Randy [R-IA-4].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Conservation, Research, and Biotechnology.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Agriculture Economy Environment