The Farmer Assistance and Revenue Mitigation Act of 2024 directs the U.S. Department of Agriculture to provide emergency payments to farmers who experienced economic losses during the 2024 crop year when production costs exceeded expected revenues. The bill covers major commodities including corn, soybeans, wheat, cotton, rice, sorghum, oats, and barley, as well as other eligible crops. Eligible farmers would receive one-time payments equal to 60 percent of their economic losses, calculated by subtracting expected crop revenues from production costs and multiplying by planted acres, with an additional 50 percent payment for prevented acreage due to natural disasters. Payment limits cap individual recipients at either $175,000 or $350,000 depending on whether farming comprises at least 75 percent of their income. The Secretary of Agriculture must distribute payments within 90 days of enactment using the Commodity Credit Corporation's existing authorities, and Congress designates all funding as an emergency appropriation exempt from typical budget rules.
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