A bill to increase the maximum amount of marketing loan gains and loan deficiency payments that an agricultural producer may receive during the 2000 crop year.

Amends the Food Security Act of 1985 to temporarily increase the limit on marketing loan gains and loan deficiency payments. Provides payments for certain crop marketings.

[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 3049 Introduced in Senate (IS)]







106th CONGRESS
  2d Session
                                S. 3049

    To increase the maximum amount of marketing loan gains and loan 
 deficiency payments that an agricultural producer may receive during 
                          the 2000 crop year.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 14, 2000

   Mr. Fitzgerald, (for himself, Mr. Edwards, Mr. Ashcroft, and Mr. 
    Durbin) introduced the following bill; which was read twice and 
   referred to the Committee on Agriculture, Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL


 
    To increase the maximum amount of marketing loan gains and loan 
 deficiency payments that an agricultural producer may receive during 
                          the 2000 crop year.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. LIMITATION ON MARKETING LOAN GAINS AND LOAN DEFICIENCY 
              PAYMENTS DURING THE 2000 CROP YEAR.

    (a) Limitation.--Notwithstanding section 1001(2) of the Food 
Security Act of 1985 (7 U.S.C. 1308(2)), the total amount of the 
payments specified in section 1001(3) of that Act (7 U.S.C. 1308(3)) 
that a person shall be entitled to receive under the Agricultural 
Market Transition Act (7 U.S.C. 7201 et seq.) for 1 or more contract 
commodities and oilseeds produced during the 2000 crop year may not 
exceed $150,000.
    (b) Treatment of Certain 2000 Marketings.--In the case of a 
producer that marketed or redeemed, before, on, or within 30 days after 
the date of the enactment of this Act, a quantity of an eligible 2000 
crop for which the producer has not received a loan deficiency payment 
or marketing loan gain under section 134 or 135 of the Agricultural 
Market Transition Act (7 U.S.C. 7234, 7235) as a result of the 
limitation otherwise in effect under section 1001(2) of the Food 
Security Act of 1985 (7 U.S.C. 1308(2)) in the absence of subsection 
(a), the producer shall be eligible to receive a payment from the 
Secretary of Agriculture in an amount equal to the payment or gain that 
the producer would have received for that quantity of eligible 
production as of the date on which the producer lost beneficial 
interest in the quantity or redeemed the quantity, as determined by the 
Secretary.
    (c) Use of Commodity Credit Corporation.--The Secretary shall use 
the funds, facilities, and authorities of the Commodity Credit 
Corporation to carry out this section.
                                 <all>