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139 STAT. 91 PUBLIC LAW 119–21—JULY 4, 2025 ‘‘(B)(i) for each of the 2014 through 2024 crop years, 10 percent of the benchmark revenue for the crop year applicable under subsection (c); and ‘‘(ii) for each of the 2025 through 2031 crop years, 12 percent of the benchmark revenue for the crop year applicable under subsection (c).’’; and (4) in subsections (e), (g)(5), and (i)(5), by striking ‘‘2023’’ each place it appears and inserting ‘‘2031’’. SEC. 10306. EQUITABLE TREATMENT OF CERTAIN ENTITIES. (a) IN GENERAL.—Section 1001 of the Food Security Act of 1985 (7 U.S.C. 1308) is amended— (1) in subsection (a)— (A) by redesignating paragraph (5) as paragraph (6); and (B) by inserting after paragraph (4) the following: ‘‘(5) QUALIFIED PASS-THROUGH ENTITY.—The term ‘qualified pass-through entity’ means— ‘‘(A) a partnership (within the meaning of subchapter K of chapter 1 of the Internal Revenue Code of 1986); ‘‘(B) an S corporation (as defined in section 1361 of that Code); ‘‘(C) a limited liability company that does not affirma- tively elect to be treated as a corporation; and ‘‘(D) a joint venture or general partnership.’’; (2) in subsections (b) and (c), by striking ‘‘except a joint venture or general partnership’’ each place it appears and inserting ‘‘except a qualified pass-through entity’’; and (3) in subsection (d), by striking ‘‘subtitle B of title I of the Agricultural Act of 2014 or’’. (b) ATTRIBUTION OF PAYMENTS.—Section 1001(e)(3)(B)(ii) of the Food Security Act of 1985 (7 U.S.C. 1308(e)(3)(B)(ii)) is amended— (1) in the clause heading, by striking ‘‘JOINT VENTURES AND GENERAL PARTNERSHIPS’’ and inserting ‘‘QUALIFIED PASS- THROUGH ENTITIES’’; (2) by striking ‘‘a joint venture or a general partnership’’ and inserting ‘‘a qualified pass-through entity’’; (3) by striking ‘‘joint ventures and general partnerships’’ and inserting ‘‘qualified pass-through entities’’; and (4) by striking ‘‘the joint venture or general partnership’’ and inserting ‘‘the qualified pass-through entity’’. (c) PERSONS ACTIVELY ENGAGED IN FARMING.—Section 1001A(b)(2) of the Food Security Act of 1985 (7 U.S.C. 1308–1(b)(2)) is amended— (1) subparagraphs (A) and (B), by striking ‘‘a general part- nership, a participant in a joint venture’’ each place it appears and inserting ‘‘a qualified pass-through entity’’; and (2) in subparagraph (C), by striking ‘‘a general partnership, joint venture, or similar entity’’ and inserting ‘‘a qualified pass- through entity or a similar entity’’. (d) JOINT AND SEVERAL LIABILITY.—Section 1001B(d) of the Food Security Act of 1985 (7 U.S.C. 1308–2(d)) is amended by striking ‘‘partnerships and joint ventures’’ and inserting ‘‘qualified pass-through entities’’. (e) EXCLUSION FROM AGI CALCULATION.—Section 1001D(d) of the Food Security Act of 1985 (7 U.S.C. 1308–3a(d)) is amended Definition.