Farmer Assistance and Revenue Mitigation Act of 2024

This bill provides one-time financial assistance to U.S. farmers growing specific crops (like corn, soybeans, wheat, cotton, and rice) during the 2024 crop year if their expected costs exceed expected returns. Payments equal 60% of the difference between the expected cost of production per acre (based on USDA cost forecasts) and the expected gross return per acre (based on projected farm prices and yields). Payments are calculated using actual planted acreage plus 50% of acreage prevented from planting due to natural disasters, with annual caps of $175,000 or $350,000 depending on the farm’s primary income source. The program uses existing USDA data sources and applies standard farm payment limits.