Chairman's mark

The Senate Finance Committee will meet tomorrow afternoon and proceed with offsets to help fund beyond baseline priorities for the farm bill. Here is the chairman's mark, which describes tax breaks and revenue measures that will contribute to the $9 billion or so expected to be available.

Here is an excerpt about the Permanent Agriculture Disaster Relief Trust Fund:


The proposal amends the Federal Crop Insurance Act to create a permanent Agriculture Disaster Relief Trust Fund (“PADTF”) that would provide payments to farmers and ranchers who suffer losses in areas that are declared disaster areas by the USDA. The trust fund will be funded by an amount equal to four percent of the amounts received in the general fund of the Treasury that are attributable to the duties collected on articles entered, or withdrawn from warehouse, for consumption under the Harmonized Tariff Schedule. The PADTF could make payments under four new disaster assistance programs: the permanent crop disaster assistance program, the permanent livestock indemnity program, the tree assistance program, and the emergency assistance program for livestock, honey bees, and farm raised fish. In addition, the PADTF will also fund a new pest and disease management and disaster prevention program.Amounts not required to meet current withdrawals may be invested in U.S. Treasury obligations with interest credited to the PADTF. The PADTF may also borrow, with interest, as repayable advances sums necessary to carry out the purposes of the fund.