S. 446: Crop Insurance Subsidy Reduction Act of 2013

113th Congress, 2013–2015. Text as of Mar 05, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

II

113th CONGRESS

1st Session

S. 446

IN THE SENATE OF THE UNITED STATES

March 5, 2013

introduced the following bill; which was read twice and referred to theCommittee on Agriculture, Nutrition, and Forestry

A BILL

To amend the Federal Crop Insurance Act to reduce Federal crop insurance subsidies, and for other purposes.

1.

Short title

This Act may be cited as the Crop Insurance Subsidy Reduction Act of 2013 .

2.

Reduction in share of crop insurance premium paid by Federal Crop Insurance Corporation

Section 508(e)(2) of the Federal Crop Insurance Act(7 U.S.C. 1508(e)(2))is amended—

(1)

insubparagraph (B)(i), by striking67and inserting55;

(2)

insubparagraph (E)(i), by striking55and inserting24;

(3)

insubparagraph (F)(i), by striking48and inserting17;

(4)

insubparagraph (G)(i), by striking38and inserting13;

(5)

by redesignatingsubparagraphs (C) through (G)assubparagraphs (G) through (K), respectively; and

(6)

by inserting aftersubparagraph (B)the following:

(C)

In the case of additional coverage equal to or greater than 55 percent, but less than 60 percent, of the recorded or appraised average yield indemnified at not greater than 100 percent of the expected market price, or a comparable coverage for a policy or plan of insurance that is not based on individual yield, the amount shall be equal to the sum of—

(i)

46 percent of the amount of the premium established undersubsection (d)(2)(B)(i)for the coverage level selected; and

(ii)

the amount determined undersubsection (d)(2)(B)(ii)for the coverage level selected to cover operating and administrative expenses.

(D)

In the case of additional coverage equal to or greater than 60 percent, but less than 65 percent, of the recorded or appraised average yield indemnified at not greater than 100 percent of the expected market price, or a comparable coverage for a policy or plan of insurance that is not based on individual yield, the amount shall be equal to the sum of—

(i)

38 percent of the amount of the premium established undersubsection (d)(2)(B)(i)for the coverage level selected; and

(ii)

the amount determined undersubsection (d)(2)(B)(ii)for the coverage level selected to cover operating and administrative expenses.

(E)

In the case of additional coverage equal to or greater than 65 percent, but less than 70 percent, of the recorded or appraised average yield indemnified at not greater than 100 percent of the expected market price, or a comparable coverage for a policy or plan of insurance that is not based on individual yield, the amount shall be equal to the sum of—

(i)

42 percent of the amount of the premium established undersubsection (d)(2)(B)(i)for the coverage level selected; and

(ii)

the amount determined undersubsection (d)(2)(B)(ii)for the coverage level selected to cover operating and administrative expenses.

(F)

In the case of additional coverage equal to or greater than 70 percent, but less than 75 percent, of the recorded or appraised average yield indemnified at not greater than 100 percent of the expected market price, or a comparable coverage for a policy or plan of insurance that is not based on individual yield, the amount shall be equal to the sum of—

(i)

32 percent of the amount of the premium established undersubsection (d)(2)(B)(i)for the coverage level selected; and

(ii)

the amount determined undersubsection (d)(2)(B)(ii)for the coverage level selected to cover operating and administrative expenses.

.

3.

Budgetary effects

The budgetary effects of this Act, for the purpose of complying with theStatutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titledBudgetary Effects of PAYGO Legislationfor this Act, submitted for printing in the Congressional Record by theChairman of the Senate Budget Committee, provided that such statement has been submitted prior to the vote on passage.