To direct the Secretary of Agriculture to make economic assistance payments to qualifying producers for certain revenue losses with respect to covered commodities, and for other purposes.

To direct the Secretary of Agriculture to make economic assistance payments to qualifying producers for certain revenue losses with respect to covered commodities, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

SEC. 2. Economic assistance payments to qualifying producers.

(a) In general.—Subject to subsection (c), for each of crop years 2025 and 2026, the Secretary of Agriculture shall make economic assistance payments to qualifying producers for revenue losses with respect to covered commodities.

(b) Payment amounts.—

(1) IN GENERAL.—The Secretary shall make payments to each qualifying producer under subsection (a) using a formula determined by the Secretary in accordance with paragraph (2).

(2) FORMULA FOR PAYMENTS.—The formula determined under paragraph (1) shall—

(A) with respect to a crop year, be based on the difference between—

(i) the total revenue of a qualifying producer with respect to covered commodities for the preceding crop year; minus

(ii) the total revenue of such qualifying producer with respect to covered commodities for that crop year; and

(B) ensure that the total amount of payments made to qualifying producers under subsection (a) does not exceed the amount of funding specified in subsection (d).

(c) One-Time payment limitation.—A qualifying producer that receives an economic assistance payment under subsection (a) for revenue losses with respect to covered commodities for crop year 2025 may not receive a payment under such subsection for revenue losses with respect to covered commodities for crop year 2026.

(d) Funding.—

(1) IN GENERAL.—Of the funds of the Commodity Credit Corporation, the Secretary shall use $15,000,000,000 to carry out this section in accordance with paragraph (2).

(2) USE OF FUNDING.—From the amount of funding specified in paragraph (1), the Secretary shall use to make payments under subsection (a)—

(A) $7,500,000,000 for crop year 2025; and

(B) $7,500,000,000 for crop year 2026.

(3) PAYMENT DEADLINES.—The Secretary shall make payments under subsection (a)—

(A) not later than November 1, 2026, for crop year 2025; and

(B) not later than November 1, 2027, for crop year 2026.

(e) Definitions.—In this section:

(1) The term “average adjusted gross income” means the average adjusted gross income (as defined in section 1001D of the Food Security Act of 1985 (7 U.S.C. 1308–3a)) of a person or legal entity (as defined in section 1001 of such Act (7 U.S.C. 1308)) that derives from covered commodities.

(2) The term “covered commodity” means corn, cotton, peanuts, poultry, or soybeans.

(3) The term “qualifying producer” means a producer that—

(A) has an average adjusted gross income of not more than $500,000 for—

(i) the crop year for which such producer seeks a payment under subsection (a); and

(ii) the crop year preceding such crop year; and

(B) submits to the Secretary documentation of total revenue for each crop year described in clauses (i) and (ii) of subparagraph (A), including receipts, contracts, and any such other records as determined appropriate by the Secretary.

(4) The term “total revenue” means, with respect to a crop year, the amount equal to—

(A) the average adjusted gross income of a qualifying producer for such crop year; minus

(B) the cost of production relating to the covered commodities of such qualifying producer for such crop year.