Livestock Indemnity Program Improvement Act of 2024

This bill amends the livestock indemnity payment program to clarify how the market value of livestock is determined when producers receive payments for animals lost to natural disasters. It requires the Secretary of Agriculture to calculate this value quarterly, in coordination with the Agricultural Marketing Service Administrator, using appropriate resources. The change directly affects livestock producers who rely on these payments after events like extreme weather. The bill does not alter eligibility or payment amounts but establishes a formalized process for determining the market value used in calculations. This update aims to improve consistency in how payments are calculated for affected farmers.