12 2 STA T . 11 47PUBLIC LA W 11 0– 2 3 4 —M A Y 22 , 200 8(1)inpar a g rap h (1) ,byst ri k ing ‘ ‘ f ar me rs, ran c hers ’ ’an d inserting ‘‘farmers o r ranchers (inc lu ding 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)’’ .Subti t leD—Adm i n i s t ra ti v e P r o visions SEC.5301 . B E GIN NING FARM ER AN D RANC H ER INDI V ID U A L DEVEL OP- MEN T ACCOUNTS PILOT PROGRAM. S ubtitle D of the C onsolidated F arm and R ural De v elopment Act ( 7U .S.C. 1 98 1 – 2 0 08r) is amended by inserting after section 3 33A the follo w ing
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‘SEC. 333B. BEGINNING FARMER AND RANCHER INDIVIDUAL DEVELOPMENT ACCOUNTS PILOT PROGRAM. ‘‘(a) D EFIN I T I O N S . —I n 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 P overty 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— ‘‘(I) described in section 5 01(c)(3) of the Internal Revenue Code of 198 6
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‘‘(II) e x empt from taxation under section 501(a) of such Code; or ‘‘(ii) a State, local, or tribal government submitting an application j ointly with an organization described in clause (i). ‘‘(B) N O PRO H IBITION ON COLLABORATION.—An organization described in subparagraph (A)(i) may collabo- rate with a financial institution or for-profit community development corporation to carry out the purposes of this section. ‘‘(b) PILOT PROGRAM.— ‘‘(1) IN GENERAL.—The Secretary shall establish a pilot program to be known as the ‘New Farmer Individual Develop- ment Accounts Pilot Program’ under which the Secretary shall work through qualified entities to establish demonstration pro- grams— ‘‘(A) of at least 5 years in duration; and 7USC1983b.
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