The Farm Assistance and Revenue Mitigation (FARM) Act, introduced last month and supported by over 40 members of Congress, seeks to address immediate financial needs in the farming community. Endorsed by major agricultural groups like the National Sorghum Producers, the legislation proposes economic assistance targeted for the 2024 crop year.
Under the FARM Act, payment calculations would be based on the per-acre cost of production, covering 60 percent of economic losses on eligible acres. Payment limits vary based on income sources: farmers earning less than 75 percent of their income from farming are capped at $175,000, while those who earn at least 75 percent from farming have a higher cap of $350,000.
According to the National Sorghum Producers, the FARM Act’s potential support has generated significant discussion in Washington, with many seeing it as a necessary measure to stabilize farm income and support agricultural operations facing economic challenges. The legislation represents a key step towards sustaining farmers through volatile financial conditions.
Sabrina Halvorson
National Correspondent / AgNet Media, Inc.
Sabrina Halvorson is an award-winning journalist, broadcaster, and public speaker who specializes in agriculture. She primarily reports on legislative issues and hosts The AgNet Weekly podcast. Sabrina is a native of California’s agriculture-rich Central Valley.