H.R. 831 · 115th Congress
BALE Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BostSponsor15 cosponsors · 4 D, 11 R
R
Allen
JC
D
Costa
JC
R
Comer
SK
R
King
RK
D
Kelly
RM
R
Marshall
DS
D
Soto
TY
R
Yoho
WH
R
Hurd
RD
R
Davis
TO
D
O’Halleran
DL
R
LaHood
RH
R
Hultgren
DN
R
Newhouse
KN
R
Noem7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Beginning Agriculturalist Lifetime Employment Act of 2017 or the BALE Act of 2017
What it does: CRS summary · Introduced in House · Feb 2, 2017
Beginning Agriculturalist Lifetime Employment Act of 2017 or the BALE Act of 2017
This bill amends the Agricultural Act of 1961 to revise the limits for the Department of Agriculture's (USDA's) conservation loan guarantee program.
The bill replaces the existing 80% limit on the portion of a loan that USDA may guarantee with limits that range from 80%-90%, depending on the principal amount of the loan. For socially disadvantaged or beginning farmers or ranchers, the bill replaces the existing 90% limit with limits that range from 85%-95%, depending on the principal amount of the loan. USDA may not guarantee a loan under the program that exceeds $3.5 million.
The bill also revises the limitations on the amount of farm ownership loans to prohibit USDA from making or insuring any loan that would cause the unpaid indebtedness of any one borrower to exceed the smaller of: (1) the value of the farm or other security; or (2) in the case of a loan other than a loan guaranteed by USDA, $600,000, with an adjustment for inflation beginning with FY2023.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: BALE Act of 2017
Also known as: Beginning Agriculturalist Lifetime Employment Act of 2017
Latest action (Feb 24, 2017): Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Policy area: Agriculture and Food · Origin: House · Introduced: Feb 2, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.