7 U.S.C. § 7914
For each of the 2002 through 2007 crop years for each covered commodity, the Secretary shall make counter-cyclical payments to producers on farms for which payment yields and base acres are established with respect to the covered commodity if the Secretary determines that the effective price for the covered commodity is less than the target price for the covered commodity.
For purposes of subsection (a), the effective price for a covered commodity is equal to the sum of the following:
For purposes of the 2002 and 2003 crop years, the target prices for covered commodities shall be as follows:
For purposes of each of the 2004 through 2007 crop years, the target prices for covered commodities shall be as follows:
The payment rate used to make counter-cyclical payments with respect to a covered commodity for a crop year shall be equal to the difference between-
If counter-cyclical payments are required to be paid for any of the 2002 through 2007 crop years of a covered commodity, 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 the crop of a covered commodity, the Secretary shall make the counter-cyclical payments for the crop as soon as practicable after the end of the 12-month marketing year for the covered commodity.
If, before the end of the 12-month marketing year for a covered commodity, the Secretary estimates that counter-cyclical payments will be required for the crop of the covered commodity, the Secretary shall give producers on a farm the option to receive partial payments of the counter-cyclical payment projected to be made for that crop of the covered commodity.
When the Secretary makes partial payments available under paragraph (2) for a covered commodity for any of the 2002 through 2006 crop years-
When the Secretary makes partial payments available for a covered commodity for the 2007 crop year-
For each of the 2002 through 2006 crop years of a covered commodity, 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 covered commodity for the crop year, as determined by the Secretary.
The second partial payment for a covered commodity for a crop year may not exceed the difference between-
The final payment for a covered commodity 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 covered commodity 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 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 the covered commodity for that crop year.
7 U.S.C. § 7914
EDITORIAL NOTES
REFERENCES IN TEXTSubchapter II, referred to in subsec. (b)(1)(B), was in the original "subtitle B", meaning subtitle B (§§1201-1209) of title I of Pub. L. 107-171, 116 Stat. 155, which is classified principally to subchapter II of this chapter. For complete classification of subtitle B to the Code, see 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.
- covered commodity
- The term "covered commodity" means wheat, corn, grain sorghum, barley, oats, upland cotton, rice, soybeans, and other oilseeds.
- 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.
- 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.
- updated payment yield
- The term "updated payment yield" means the payment yield elected by the owner of a farm under section 7912(e) of this title to be used in calculating the counter-cyclical payments for the farm.