7 U.S.C. § 7954
During the 2002 through 2007 crop years for peanuts, the Secretary shall make counter-cyclical payments under this section with respect to peanuts if the Secretary determines that the effective price for peanuts is less than the target price for peanuts.
If counter-cyclical payments are required for the 2002 crop year, the Secretary shall make the payments to historic peanut producers.
If counter-cyclical payments are required for any of the 2003 through 2007 crop years for peanuts, the Secretary shall make the payments to the producers on a farm to which a payment yield and base acres for peanuts are assigned under section 7952 of this title.
For purposes of subsection (a), the effective price for peanuts is equal to the sum of the following:
For purposes of subsection (a), the target price for peanuts shall be equal to $495 per ton.
The payment rate used to make counter-cyclical payments for a crop year shall be equal to the difference between-
If counter-cyclical payments are required to be paid for the 2002 crop of peanuts, the amount of the counter-cyclical payment to be paid to an historic peanut producer for that crop year shall be equal to the product of the following:
If counter-cyclical payments are required to be paid for any of the 2003 through 2007 crops of peanuts, the amount of the counter-cyclical payment to be paid to the producers on a farm for that crop year shall be equal to the product of the following:
If the Secretary determines under subsection (a) that counter-cyclical payments are required to be made under this section for a crop year, the Secretary shall make the counter-cyclical payments as soon as practicable after the end of the 12-month marketing year for the crop.
If, before the end of the 12-month marketing year, the Secretary estimates that counter-cyclical payments will be required under this section for a crop year, the Secretary shall give producers on a farm (or, in the case of the 2002 crop year, historic peanut producers) the option to receive partial payments of the counter-cyclical payment projected to be made for that crop.
When the Secretary makes partial payments available under paragraph (2) for any of the 2002 through 2006 crop years-
When the Secretary makes partial payments available for the 2007 crop year-
In the case of the 2002 crop year, the first partial payment under paragraph (3) to an historic peanut producer may not exceed 35 percent of the projected counter-cyclical payment for the crop year, as determined by the Secretary.
The second partial payment may not exceed the difference between-
The final payment shall be equal to the difference between-
For each of the 2003 through 2006 crop years, the first partial payment under paragraph (3) to the producers on a farm may not exceed 35 percent of the projected counter-cyclical payment for the crop year, as determined by the Secretary.
The second partial payment for a crop year may not exceed the difference between-
The final payment for a crop year shall be equal to the difference between-
For the 2007 crop year, the first partial payment under paragraph (3) to the producers on a farm may not exceed 40 percent of the projected counter-cyclical payment for the crop year, as determined by the Secretary.
The final payment for the 2007 crop year shall be equal to the difference between-
The producers on a farm (or, in the case of the 2002 crop year, historic peanut producers) that receive a partial payment under this subsection for a crop year shall repay to the Secretary the amount, if any, by which the total of the partial payments exceed the actual counter-cyclical payment to be made for that crop year.
7 U.S.C. § 7954
EDITORIAL NOTES
REFERENCES IN TEXTThis subchapter, referred to in subsecs. (b)(1)(B), was in the original "this subtitle", meaning subtitle C (§§1301-1310) of Pub. L. 107-171, 116 Stat. 166, which is classified principally to this subchapter. For complete classification of subtitle C to the Code, see References in Text note set out under section 7951 of this title and Tables.
- Secretary
- The term "Secretary" means the Secretary of Agriculture.
- counter-cyclical payment
- The term "counter-cyclical payment" means a payment made to producers on a farm under section 7914 of this title.
- payment acres
- The term "payment acres" means 85 percent of the base acres of a covered commodity on a farm, as established under section 7911 of this title, on which direct payments and counter-cyclical payments are made.
- producer
- The term "producer" means an owner, operator, landlord, tenant, or sharecropper that shares in the risk of producing a crop and is entitled to share in the crop available for marketing from the farm, or would have shared had the crop been produced. In determining whether a grower of hybrid seed is a producer, the Secretary shall not take into consideration the existence of a hybrid seed contract and shall ensure that program requirements do not adversely affect the ability of the grower to receive a payment under this chapter.
- target price
- The term "target price" means the price per bushel (or other appropriate unit in the case of upland cotton, rice, and other oilseeds) of a covered commodity used to determine the payment rate for counter-cyclical payments.