I
115th CONGRESS
1st Session
H. R. 831
IN THE HOUSE OF REPRESENTATIVES
February 2, 2017
Mr. Bost (for himself, Mr. Costa, Mr. Marshall, Ms. Kelly of Illinois, Mr. King of Iowa, Mr. Comer, Mr. Soto, and Mr. Allen) introduced the following bill; which was referred to the Committee on Agriculture
A BILL
To amend the Agricultural Act of 1961 to modify the limitations applicable to qualified conservation loan guarantees, and for other purposes.
Short title
This Act may be cited as the Beginning Agriculturalist Lifetime Employment Act of 2017
or the BALE Act of 2017
.
Limitations applicable to qualified conservation loan guarantees
Limitations applicable to loan guarantees
Subtitle A of title III of the Agricultural Act of 1961 (7 U.S.C. 1922 et seq.) is amended—
by amending section 304(e) of such Act (7 U.S.C. 1924(e)) to read as follows:
Limitations applicable to loan guarantees
Percentage of loan guaranteed
The portion of a loan that the Secretary may guarantee under this section shall—
depend on the principal amount of the loan; and
except as provided in paragraph (2), may not exceed the percentage specified for that principal amount in the following table:
| Principal Amount More Than | Principal Amount Equal To Or Less Than | Maximum Percent |
| $0 | $2,500,000 | 90% |
| $2,500,000 | $2,600,000 | 89% |
| $2,600,000 | $2,700,000 | 88% |
| $2,700,000 | $2,800,000 | 87% |
| $2,800,000 | $2,900,000 | 86% |
| $2,900,000 | $3,000,000 | 85% |
| $3,000,000 | $3,100,000 | 84% |
| $3,100,000 | $3,200,000 | 83% |
| $3,200,000 | $3,300,000 | 82% |
| $3,300,000 | $3,400,000 | 81% |
| $3,400,000 | $3,500,000 | 80%. |
Exception for certain producers
In the case of a loan to a producer that is a qualified beginning farmer or rancher or a socially disadvantaged farmer or rancher (as the term is defined in section 2501(e)), the portion of the loan the Secretary may guarantee under this paragraph may not exceed the percentage specified for the principal amount of the loan in the following table:
| Principal Amount More Than | Principal Amount Equal To Or Less Than | Maximum Percent |
| $0 | $2,500,000 | 95% |
| $2,500,000 | $2,600,000 | 94% |
| $2,600,000 | $2,700,000 | 93% |
| $2,700,000 | $2,800,000 | 92% |
| $2,800,000 | $2,900,000 | 91% |
| $2,900,000 | $3,000,000 | 90% |
| $3,000,000 | $3,100,000 | 89% |
| $3,100,000 | $3,200,000 | 88% |
| $3,200,000 | $3,300,000 | 87% |
| $3,300,000 | $3,400,000 | 86% |
| $3,400,000 | $3,500,000 | 85%. |
Maximum amount
The Secretary may not guarantee a loan under this section in an amount that exceeds $3,500,000.
Annual inflation adjustment
The Secretary shall annually adjust the dollar figures under paragraphs (1), (2), and (3) to reflect the change in the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture).
; and
in section 305(a) of such Act (7 U.S.C. 1925(a))—
by striking $300,000, or, in the case of a loan guaranteed by the Secretary, $700,000
and inserting $600,000
; and
by striking 2000
and inserting 2023
.
Applicability
The amendments made by this section shall apply with respect to qualified conservation loans entered into by the Secretary of Agriculture under section 304 of the Agricultural Act of 1961 (7 U.S.C. 1924) on or after the date of the enactment of this Act.