What is the official ID of this bill?
The official print number for this legislation is S 2598.
Farm Revenue Protection Improvements: Easier Access and Better Coverage for Diversified Farms.
This Act significantly improves the Whole Farm Revenue Protection (WFRP) program, making it more accessible and beneficial, especially for farmers selling directly and those with diversified or specialty crops. The changes aim to reduce paperwork, increase growth limits, and provide better financial protection against natural disasters for agricultural producers. Farmers can expect simpler application procedures and a more stable revenue guarantee.
Key points
Simplified Documentation: IRS Tax Form Schedule F will generally be sufficient to establish historical revenue, making it easier for farmers to qualify for coverage.
Increased Support for Diversified Farms: Expansion of diversification premium discounts (to at least 10 commodities) and higher limits on revenue growth expansion (up to 100% of historic revenue or $500,000) are introduced.
Disaster Impact Moderation: New mechanisms are implemented to lessen the negative effect of disaster years on historical revenue, ensuring a more stable insurance guarantee.
Status:
Expired
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