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Title: Limits Subsidy Payments for Individuals with Incomes More Than $750,000
Vote Smart's Synopsis:
Vote to adopt an amendment to S 954 that limits the amount of a premium subsidy when provided by the Federal Crop Insurance Corporation to a farmer with a gross annual income of more than $750,000, beginning with the 2014 reinsurance year.
- Limits the total amount of a premium subsidy issued to an individual or legal entity that has an average adjusted gross income in excess of $750,000 to an amount 15 percent less than the premium subsidy that would otherwise be available for the applicable policy and plan of insurance selected by that individual.
- Requires the Secretary of Agriculture, in consultation with the Government Accountability Office, to carry out a study within a year of the enactment of this bill to determine the effects of this amendment on participating producers and insurance providers.
- Prohibits the limitation on premium subsidies from taking effect unless the study undertaken by the Secretary determines that the limitation would not:
- Increase premiums paid by an individual with average adjusted gross income of less than $750,000;
- Result in a decline in the crop insurance available to farmers; and
- Increase the total cost of the Federal Crop Insurance Program.