Provisions of the 1996 Farm Bill (Google eBook)
DIANE Publishing, Jan 1, 1997 - 21 pages
After the longest farm bill debate in U.S. history, the Federal Agriculture Improvement and Reform Act of 1996 became law, significantly changes U.S. agricultural policy. The new Farm Act removes the link between income support payments and farm prices by providing for seven annual fixed but declining "production flexibility contract payments" whereby participating producers may receive government payments largely independent of farm prices, in contrast to the past when deficiency payments were dependent on farm prices. Includes a side-by-side comparison of 1990 and 1996 farm legislation.
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1996 Farm Bill 5-year Olympic average Agricultural Adjustment Act allowed producers Amended 1996 FAIR assessment assistance authority average of farm base acreage bushel canola cents per pound Commodity Credit Corporation contract acreage contract commodity corn crop acreage base crop insurance dairy easements eligible enroll FACT ACT FAIR ACT farm prices Farm Service Agency farm's payment quantity farmers Federal feed grains flex acreage flexibility contract payments Food Security Food Stamp Program fruits and vegetables funding loan deficiency payments loan program Market Access Marketing loan provisions marketing orders maximum ments million annually minimum nonrecourse loans oilseeds payment rate payment yield peanuts price support processors production flexibility contract program benefits program payment program yield Promotion Program Provisions 1990 FACT purchase Quality Incentives Program rapeseed reauthorized reduced repayment rice Secretary short tons sorghum specified sugar loan rate sunflowerseed Title trade upland cotton USDA wetland Wetlands Reserve Program wheat
Page 1 - April 4, 1996, significantly changing US agricultural policy. The new Farm Act (PL 104-127) removes the link between income support payments and farm prices by providing for seven annual fixed but declining "production flexibility contract payments...
Page 1 - ... with limitations on fruits and vegetables. As a result, producers will rely more heavily on the market as a guide for production decisions. Producers will also bear greater income risk because payments are fixed and not related to the level of market prices.
Page 15 - ... assignees (US financial institutions), from defaults in payments by foreign banks on export credit sales due to commercial, as well as, noncommercial risks. Facility payment guarantees operate under the general provisions of the GSM-102 program and provide export financing for capital goods and services to improve handling, marketing, processing, storage, or distribution of imported agricultural products. Supplier credit guarantees represent a variation of...
Page 4 - For necessary salaries and expenses of the Office of the Under Secretary for Research, Education and Economics to administer the laws enacted by the Congress for the Economic Research Service, the National Agricultural Statistics Service, the Agricultural Research Service and the Cooperative State Research, Education, and Extension Service, [$520,000] $540,000.
Page 2 - Farmers may receive a loan from the government at a designated rate per unit of production (loan rate) by pledging and storing a quantity of a commodity as collateral.
Page 1 - ... and specific crop production, in contrast to the past, when deficiency payments were based on farm prices and the production of specific crops. The Federal Government no longer requires land to be idled or denies payments if farmers switch from their historical crop. The contract, however, requires participating producers to comply with existing conservation plans for the farm, wetland provisions, and planting flexibility provisions, as well as to keep the land in agricultural uses. The law provided...
Page 15 - FY1988 with funds made available under Section 32 of the Agricultural Adjustment Act of 1935.
Page 14 - This is the program account for the GSM-102 and GSM103 CCC Export Credit Guarantee Programs. The Export Credit Guarantee Program (GSM-102) covers credit terms of up to 3 years. The Intermediate Export Credit Guarantee Program (GSM-103) covers longer credit terms of between 3 and 10 years. Under these programs, CCC does not provide financing, but guarantees payments due from foreign banks and buyers. Because payment is guaranteed, financial institutions in the United States can offer competitive credit...
Page 1 - ... independent of current farm prices and production. The law specified the total amount of money to be made available through contract payments under production flexibility contracts for each fiscal year from 1996 through 2002. Payment levels were allocated among contract commodities according to specified percentages, generally derived from each commodity's share of projected deficiency payments for fiscal 1996-2002. The law increased planting flexibility by allowing participants to plant 100%...
Page 1 - ... allocated among contract commodities according to FAIR Act-specified percentages, generally derived from each commodity's share of projected deficiency payments for fiscal 1996-2002 in the Congressional Budget Office's (CBO's) February 1995 budget baseline, which assumed extension of the 1990 FACT Act. The payment share allocated to each commodity will be apportioned to individual farms based on each contracting farm's payment quantity of a contract commodity (program yield times 85 percent of...