12 2 STA T . 1 908PUBLIC LA W 110 – 2 46—J U NE 18 , 2008 SEC.5102 . LIM I TA TI ON SONAMO U NTO F O P E R ATIN G LOANS. Section31 3 (a) (1) o f t h e C on s o l i d ated F a rm and Ru ral D e v elo p- ment A ct( 7U. S.C. 1 94 3(a)(1)) is amended by stri k in g‘ ‘ $20 0 , 000 ’ ’ and inserting ‘‘$300,000’’. SEC. 510 3 . SUSPENSION OF LIMITATION ON PERIO D FOR WH ICH B OR - ROWERS ARE ELIGIBLE FOR GUARANTEED ASSISTANCE. Section 5 102 of the Farm Security And Rural I nvestment Act of 2002 (7 U.S.C. 1949 note
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ublic L a w 107 – 171) is amended by striking ‘‘September 30, 2007’’ and inserting ‘‘December 31, 2010’’. Subti t leC—Em e rg e ncyLoa n s SEC. 5201. ELIGIBILIT Y OFE Q UINE FARMERS AND RANCHERS FOR EMERGENCY LOANS. Section 321(a) of the Consolidated Farm and Rural Develop- ment Act (7 U.S.C. 19 6 1(a)) is amended — (1) in paragraph (1), by striking ‘‘farmers, ranchers’’ and inserting ‘‘farmers or ranchers (including e q uine farmers or ranchers)’’; and (2) in paragraph (2)(A), by striking ‘‘farming, ranching,’’ and inserting ‘‘farming or ranching (including equine farming or ranching)’’. Subtitle D — Ad ministrati v e P rovisions SEC. 5301. BEGINNING FARMER AND RANCHER INDI V IDUAL DEVELOP- MENT ACCOUNTS PILOT PROGRAM. Subtitle D of the Consolidated Farm and Rural Development Act (7 U.S.C. 19 8 1–2008r) is amended by inserting after section 333A the following
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‘SEC. 333B. BEGINNING FARMER AND RANCHER INDIVIDUAL DEVELOPMENT ACCOUNTS PILOT PROGRAM. ‘‘(a) D EFIN I T I O N S .—In this section: ‘‘(1) DE M ONST RA TION P RO G RAM.— T he term ‘demonstration program’ means a demonstration program carried out by a qualified entity under the pilot program established in sub- section (b)(1). ‘‘(2) EL IGI B LE PARTI C IPANT.—The term ‘eligible participant’ means a qualified beginning farmer or rancher that— ‘‘(A) lacks significant financial resources or assets; and ‘‘( B ) has an income that is less than— ‘‘(i) 80 percent of the median income of the State in which the farmer or rancher resides; or ‘‘(ii) 200 percent of the most recent annual Federal Poverty Income G uidelines published by the Depart- ment of H ealth and Human Services for the State. ‘‘(3) IN D I V ID U AL DEVELOPMENT ACCOUNT.—The term ‘indi- vidual development account’ means a savings account described in subsection (b)(4)(A). ‘‘(4) Q UALIFIED ENTIT Y .— ‘‘(A) IN GENERAL.—The term ‘qualified entity’ means— ‘‘(i) 1 or more organi z ations— 7USC1983b.
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