118 HR 541 IH: Beginning Agriculturalist Lifetime Employment Act of 2023
U.S. House of Representatives
2023-01-26
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I
118th CONGRESS
1st Session
H. R. 541
IN THE HOUSE OF REPRESENTATIVES
January 26, 2023
Mr. Bost (for himself, Ms. Kelly of Illinois, Mr. Newhouse, Mr. Walberg, and Mr. LaHood) introduced the following bill; which was referred to the Committee on Agriculture
A BILL
To amend the Agricultural Act of 1961 to modify the limitations applicable to qualified conservation loan guarantees, and for other purposes.
1.

Short title
This Act may be cited as the “Beginning Agriculturalist Lifetime Employment Act of 2023” or the “BALE Act of 2023”.
2.

Limitations applicable to qualified conservation loan guarantees
(a)

Limitations applicable to loan guarantees
Section 304(e) of the Agricultural Act of 1961 (7 U.S.C. 1924(e)) is amended to read as follows:
“(e)

Limitations applicable to loan guarantees
(1)

Percentage of loan guaranteed
The portion of a loan that the Secretary may guarantee under this section shall—
(A)
depend on the principal amount of the loan; and
(B)
except as provided in paragraph (2), may not exceed the percentage specified for that principal amount in the following table:
Principal Amount More Than | Principal Amount Equal To Or Less Than | Maximum Percent
$0 | $3,000,000 | 90%
$3,000,000 | $3,100,000 | 89%
$3,100,000 | $3,200,000 | 88%
$3,200,000 | $3,300,000 | 87%
$3,300,000 | $3,400,000 | 86%
$3,400,000 | $3,500,000 | 85%
$3,500,000 | $3,600,000 | 84%
$3,600,000 | $3,700,000 | 83%
$3,700,000 | $3,800,000 | 82%
$3,800,000 | $3,900,000 | 81%
$3,900,000 | $4,000,000 | 80%.
(2)

Exception for certain producers
In the case of a loan to a producer that is a qualified beginning farmer or rancher or a socially disadvantaged farmer or rancher (as the term is defined in section 355(e)), the portion of the loan the Secretary may guarantee under this paragraph may not exceed the percentage specified for the principal amount of the loan in the following table:
Principal Amount More Than | Principal Amount Equal To Or Less Than | Maximum Percent
$0 | $3,000,000 | 95%
$3,000,000 | $3,100,000 | 94%
$3,100,000 | $3,200,000 | 93%
$3,200,000 | $3,300,000 | 92%
$3,300,000 | $3,400,000 | 91%
$3,400,000 | $3,500,000 | 90%
$3,500,000 | $3,600,000 | 89%
$3,600,000 | $3,700,000 | 88%
$3,700,000 | $3,800,000 | 87%
$3,800,000 | $3,900,000 | 86%
$3,900,000 | $4,000,000 | 85%.
(3)

Maximum amount
The Secretary may not guarantee a loan under this section in an amount that exceeds $4,000,000.
(4)

Annual inflation adjustment
The Secretary shall annually adjust the dollar figures under paragraphs (1), (2), and (3) to reflect the change in the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture).”.
(b)

Applicability
The amendments made by this section shall apply with respect to qualified conservation loans entered into by the Secretary of Agriculture under section 304 of the Agricultural Act of 1961 (7 U.S.C. 1924) on or after the date of the enactment of this Act.