(NAFB) – The Farm Assistance and Revenue Mitigation (FARM) Act was introduced last month and sponsored by more than 40 members of Congress. It’s also endorsed by several of America’s largest commodity groups, including the National Sorghum Producers.

The legislation is intended to meet farmers’ immediate financial needs through economic assistance for the 2024 crop year. The proposed payment structure utilizes per-acre cost of production to provide a payment that is 60 percent of economic loss on eligible acres. With respect to payment limitations, persons or entities that derive less than 75 percent of income from farming would be subject to a limitation of $175,000. For those with at least 75 percent of their income coming from farming, they would be subject to a limitation of $350,000.

The National Sorghum Producers says the potential scale of payments has sparked conversation on Capitol Hill, and this is a step in the right direction.