A bill to amend the Agricultural Adjustment Act of 1938 and the Agricultural Act of 1949 with regard to the rice programs established in those Acts.

Provides, under the Agricultural Adjustment Act, that the national acreage allotment of rice for the 1976 and subsequent crops of rice shall be 2,000,000 acres, unless the Secretary of Agriculture determines that the difference between the total supply of rice for the marketing year beginning in the calendar year preceding such crop year and the normal supply of rice for such marketing year is greater than 20 percent of such normal supply.

Specifies that if the Secretary makes such determination, the national acreage allotment of rice for the crop year shall be established at a level adjusting the supply of rice so that a quantity of marketable rice will be on hand in the United States at the end of the marketing year beginning August 1 of the calendar year in which the rice for which the acreage allotment is being determined is to be produced (not including rice produced in the calendar year in which such marketing year ends) which is less than 20 percent of the estimated amount of rice which will be utilized in exports and domestic consumption during such marketing year.

Stipulates that the national acreage allotment for rice for any crop of rice may not be less than 1, 652,596 acres.

Permits the selling or leasing of farm acreage allotments to other persons in the same state.

Provides that whenever marketing quotas are in effect with respect to any crop of rice, the producer shall be subject to a penalty on the farm marketing excess at a rate per pound which is equal to the cost of production per pound of rice for the crop with regard to which the penalty is imposed.

Directs the Secretary to make available nonrecourse loans and purchases for the 1976 and subsequent crops of rice. Stipulates that such loans and purchases shall be available only to persons producting rice on allocated acres.

Specifies the formula by which the amounts of such loans and purchases shall be determined.