The Small Farm Conservation Act would create a dedicated conservation program for small farms within the Department of Agriculture's Environmental Quality Incentives Program. The bill establishes a new subprogram that provides financial and technical assistance to small-scale agricultural producers, with particular focus on historically underserved groups including veteran farmers, beginning farmers, limited-resource farmers, and socially disadvantaged farmers. The legislation allocates at least $100 million annually for fiscal years 2024 through 2028, with 35 percent designated for hiring and training conservation staff to help small farms and 65 percent going directly to producers for conservation practices like soil health management. Small farms would receive streamlined applications and faster approval processes, with minimum payments of $2,500 and 50 percent bonuses for soil health management systems on operations under 50 acres. The Agriculture Department would be required to report on the program's results by May 2027, including how it simplified application procedures and who participated.