1. Short title This Act may be cited as the Precision Farming Act . 2. Loan priorities in providing access to broadband telecommunications services in rural areas Section 601(c)(2) of the Rural Electrification Act of 1936 ( 7 U.S.C. 950bb(c)(2) ) is amended— (1) by striking and at the end of subparagraph (C); (2) by redesignating subparagraph (D) as subparagraph (E) and, in such subparagraph, by striking in the applications of the applicants ; and (3) by inserting after subparagraph (C) the following new subparagraph (D): (D) give priority to applicants that offer to provide broadband service, at better than the minimum acceptable level of broadband service established under subsection (e), to agricultural producers in the proposed service territory to improve their ability to conduct precision farming or ranching, as determined by the Secretary; and . 3. Universal service support for broadband service installation charges for agricultural producers Section 254 of the Communications Act of 1934 ( 47 U.S.C. 254 ) is amended by adding at the end the following: (m) Support for broadband service installation charges for agricultural producers (1) In general A provider of broadband service serving a geographic area shall, upon a bona fide request from an agricultural producer for connection to such service to improve the ability of the producer to conduct precision farming or ranching, install any line or other facility or equipment necessary to enable such connection at a discount from the amount that the provider would charge other parties for a similar installation. (2) Amount of discount The amount of the discount provided under paragraph (1) shall be the lesser of— (A) the amount that the provider would charge other parties for a similar installation