Beginning farmer and rancher benefit

(a) Definitions (1) In general Section 502(b)(3) of the Federal Crop Insurance Act (7 U.S.C. 1502(b)(3)) is amended by striking 5 and inserting 10. (2) Conforming amendment Section 522(c)(7) of the Federal Crop Insurance Act (7 U.S.C. 1522(c)(7)) is amended by striking subparagraph (F). (b) Increase in assistance Section 508(e) of the Federal Crop Insurance Act (7 U.S.C. 1508(e)) is amended by adding at the end the following: (9) Additional support (A) In general In addition to any other provision of this subsection (except paragraph (2)(A)) regarding payment of a portion of premiums, a beginning farmer or rancher shall receive additional premium assistance that is the number of percentage points specified in subparagraph (B) greater than the premium assistance that would otherwise be available for the applicable policy, plan of insurance, and coverage level selected by the beginning farmer or rancher. (B) Percentage points adjustments The percentage points referred to in subparagraph (A) are the following: (i) For each of the first and second reinsurance years that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 5 percentage points. (ii) For the third reinsurance year that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 3 percentage points. (iii) For the fourth reinsurance year that a beginning farmer or rancher participates as a beginning farmer or rancher in the applicable policy or plan of insurance, 1 percentage point..