; (II) by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively; and (III) by inserting after paragraph (1) the following: (2) Election (A) In general For the 2019 through 2023 coverage years, a dairy operation may make an irrevocable election to participate in the margin protection program. (B) Coverage years A dairy operation that elects to participate in the margin protection program under subparagraph (A) shall participate in the margin protection program for the coverage year for which the participating dairy operation elects to participate and each subsequent coverage year through coverage year 2023. ; and (ii) in subsection (c), by adding at the end the following: (4) Exemption A limited resource, beginning, veteran, or socially disadvantaged farmer, as defined by the Secretary, shall be exempt from the administrative fee under this subsection. . (B) Effective date The amendments made by this paragraph take effect on the date of enactment of this Act. (3) Production history of participating dairy operations Section 1405(a) of the Agricultural Act of 2014 ( 7 U.S.C. 9055(a) ) is amended by adding at the end the following: (3) Continued applicability of base production history A production history established for a dairy operation under paragraph (1) shall be the base production history for the dairy operation in subsequent years (as adjusted under paragraph (2)). . (4) Premiums for margin protection program Section 1407 of the Agricultural Act of 2014 ( 7 U.S.C. 9057 ) is amended— (A) in subsection (b)— (i) by striking the subsection heading and inserting the following: Tier I: Premium Per Hundredweight for First 5,000,000 Pounds of Production.— ; (ii) in paragraph (1), by striking 4,000,000 and inserting 5,000,000 ; and (iii) in paragraph (2)— (I) by striking $0.010 and inserting None ; (II) by striking $0.025 and inserting None ; (III) by striking $0.040 and inserting $0.009 ; (IV) by striking $0.055 and inserting $0.017 ; (V) by striking $0.090 and inserting $0.043