By Julie Tomascik
Editor
A new bill aimed at offsetting financial pressure for farmers while waiting on a farm bill was introduced last week.
The Farmer Assistance and Revenue Mitigation (FARM) Act of 2024, authored by U.S. Rep. Trent Kelly (R-Miss.), would provide assistance to farmers when their revenue falls below the cost of production due to circumstances beyond their control.
The bill would help keep farms in operation during this challenging time, Texas Farm Bureau President Russell Boening said.
“Texas Farm Bureau thanks Congressman Trent Kelly for introducing the bipartisan FARM Act of 2024, which would provide desperately needed short-term economic assistance to farmers as they face unprecedented issues in farm country. We especially appreciate the true agricultural champions in Texas’ Congressional delegation who signed on as original co-sponsors. The teamwork demonstrated by these leaders and other members of Congress is exactly what farm and ranch families need as agriculture suffers the consequences of a delayed farm bill, inflationary pressure and other challenges,” Boening said. “We look forward to adding more co-sponsors to this legislation and working to pass it before the end of this year. We must make investments in our agricultural sector if we want to ensure the future of our national security. The FARM Act is a good first step toward this goal and supporting it should be a no-brainer.”
Net farm income is projected to face the steepest two-year decline in history, and federal assistance is expected to be at the lowest level since 1982.
This legislation, according to farm groups, would help farmers struggling to meet rising costs and navigate a difficult market while Congress debates longer-term solutions in the 2025 Farm Bill.
“Farmers have been hit with circumstances outside of their control, such as natural disasters, inflation pressures and drought, which have crippled their ability to obtain financing from credit and banking institutions,” Kelly said. “The FARM Act will bridge the gap, providing relief so that our farmers can continue to do their best—feed the nation.”
The FARM Act offers assistance for eligible farmers who grow these eight major crops: barley, corn, cotton, grain sorghum, oats, rice, soybeans, wheat. Several other crops are also covered in the bill.
Eligible farmers who derive 75% or more of their income from farming, ranching or forestry can receive up to $350,000 in assistance under the act. Those farmers who make less than 75% of their income from agriculture can receive up to $175,000 in assistance.
In addition to Texas Farm Bureau, the bill is supported by national farm organizations, including the American Farm Bureau Federation.
Original co-sponsors from Texas include: Brian Babin, John Carter, Henry Cuellar, Monica De La Cruz, Jake Ellzey, Pat Fallon, Tony Gonzales, Vicente Gonzalez, Lance Gooden, Ronny Jackson, Michael McCaul, Nathaniel Moran, Troy Nehls, August Pfluger, Pete Sessions, Marc Veasey and Randy Weber.
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