US HB1991

Increases direct farm ownership loan limits from $600,000 to $850,000 and guaranteed loan limits from $1,750,000 to $3,500,000, with inflation adjustments beginning fiscal year 2025

Raises direct operating loan limits from $400,000 to $750,000 and guaranteed operating loan limits from $1,750,000 to $3,000,000

Changes the inflation adjustment formula from the Prices Paid By Farmers Index to a weighted average of per-acre farm real estate, cropland, and pasture values

Doubles the microloan limit from $50,000 to $100,000

Requires the Secretary of Agriculture within one year to establish regulations allowing distressed guaranteed loans to be refinanced into direct loans when borrowers have unsuccessfully worked with lenders and the operation has a reasonable chance of success