This legislation, known as the "Second Look Act of 2026," creates a new pathway for incarcerated individuals to seek a reduction of their federal sentences. It addresses concerns about mass incarceration and the prevalence of lengthy sentences by allowing judicial review for those who have served a substantial portion of their term. The bill's findings highlight the United States' disproportionately high incarceration rates and the limited options for sentence review under current law. Under this Act, a federal court can reduce a term of imprisonment if the original sentence exceeded 10 years and the defendant has already served at least 10 years in custody. Key conditions for modification include the court finding that the defendant is not a danger to the safety of any person or the community and demonstrates readiness for reentry. The court must also determine that a sentence modification is warranted by the interests of justice. When considering a petition, the court will evaluate various factors, such as the defendant's age at the time of the offense and at the time of the petition, alongside data on declining criminality with age. Other important considerations include reports from the Bureau of Prisons and the United States attorney, victim statements, and the defendant's family and community circumstances. Notably, for defendants aged 50 or older, there is a rebuttable presumption that they should be released, acknowledging their lower recidivism rates and the significant costs associated with incarcerating elderly individuals. The Bureau of Prisons is required to notify eligible defendants of their right to apply for a sentence reduction. Applications are filed as motions in the sentencing court, and defendants who cannot afford legal representation are entitled to appointed counsel. The court may hold a hearing where parties can present evidence, and it must provide written reasons for its decision, which is subject to appeal. The bill also outlines limitations on subsequent applications, permitting a second application no earlier than five years after an initial denial, and a third no earlier than two years after a second denial. A final application is allowed for defendants aged 50 or older who have exhausted the prior modification process. Furthermore, the U.S. Sentencing Commission is mandated to submit annual reports detailing the demographics and outcomes of these sentence reduction requests, ensuring transparency and data collection. The provisions of this Act apply to all convictions, regardless of when they were entered.