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Iowa House passes bill updating grain indemnity program, which grew out of the farm crisis

The Iowa House of Representatives has passed a bill to update the state's Grain Indemnity Fund, which was established following the 1980s farm crisis to protect farmers from losses due to elevator failures. The bill, which passed with a vote of 97-0, increases the fund's coverage limit from $300,000 to $600,000 per farmer and raises the overall fund cap from $8 million to $10 million. It also adjusts the fee structure, reducing the per-bushel fee from a quarter-cent to one-tenth of a cent, and extends the fund's sunset date from 2027 to 2032. The updates aim to better support farmers by reflecting current agricultural economics and ensuring the fund's sustainability, with the changes set to take effect on July 1 if approved by the Senate and signed into law by the governor.

Read the Full The Gazette Article at:
[ https://www.thegazette.com/agriculture/iowa-house-passes-bill-updating-grain-indemnity-program-which-grew-out-of-the-farm-crisis/ ]