7 U.S.C. § 9016
If all of the producers on a farm make the election under subsection (a) or (h) of section 9015 of this title to obtain price loss coverage or, subject to subsection (c)(1) of such section, are deemed to have made such election under subsection (c)(2) of such section, the Secretary shall make price loss coverage payments to producers on the farm on a covered commodity-by-covered-commodity basis if the Secretary determines that-
The effective price for a covered commodity for a crop year shall be the higher of-
For the 2014 through 2018 crop years, the payment rate shall be equal to the difference between-
For the 2019 through 2023 crop years, the payment rate shall be equal to the difference between-
Not later than 30 days after the end of each applicable 12-month marketing year for each covered commodity, the Secretary shall publish the payment rate determined under paragraph (1).
In the case of a covered commodity, such as temperate japonica rice, for which the Secretary cannot determine the payment rate for the most recent 12-month marketing year by the date described in paragraph (2) due to insufficient reporting of timely pricing data by 1 or more nongovernmental entities, including a marketing cooperative for the covered commodity, the Secretary shall publish the payment rate as soon as practicable after the marketing year data are made available.
If price loss coverage payments are required to be provided under this section for any of the 2014 through 2024 crop years for a covered commodity, the amount of the price loss coverage payment to be paid to the producers on a farm for the crop year shall be equal to the product obtained by multiplying-
If the Secretary determines under this section that price loss coverage payments are required to be provided for the covered commodity, the payments shall be made beginning October 1, or as soon as practicable thereafter, after the end of the applicable marketing year for the covered commodity.
In determining the effective price for barley under subsection (b), the Secretary shall use the all-barley price.
In order to reflect price premiums, the Secretary shall provide a reference price with respect to temperate japonica rice in an amount equal to the amount established under subparagraph (F) of section 9011(19) of this title, as adjusted by paragraph (8) of such section, multiplied by the ratio obtained by dividing-
The effective price for seed cotton under subsection (b) shall be equal to the marketing year average price for seed cotton, as calculated under paragraph (2).
The marketing year average price for seed cotton for a crop year shall be equal to the quotient obtained by dividing-
7 U.S.C. § 9016
EDITORIAL NOTES
CODIFICATIONProvisions of law applicable to a covered commodity for the 2023 crop year pursuant to title I of Pub. L. 113-79 applicable to the 2024 crop year for that covered commodity, see section 102(c)(1) of Pub. L. 118-22 set out in an Extension of Agricultural Programs note under section 9001 of this title.
AMENDMENTS2023-Subsec. (d). Pub. L. 118-22 substituted "2024" for "2018". 2018-Subsec. (a). Pub. L. 115-334, §1106(1), in introductory provisions, inserted "or (h)" after "subsection (a)" and substituted "determines that-" for "determines that, for any of the 2014 through 2018 crop years-", inserted par. (1) designation and introductory provisions, redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1) and realigned margins, and added par. (2). Subsec. (c). Pub. L. 115-334, §1106(2), designated existing provisions as par. (1) and subpar. (A), inserted par. and subpar. headings, in introductory provisions of subpar. (A) substituted "For the 2014 through 2018 crop years, the payment rate" for "The payment rate", redesignated former pars. (1) and (2) as cls. (i) and (ii), respectively, of subpar. (A) and realigned margins, added subpar. (B), and added pars. (2) and (3). Subsec. (g). Pub. L. 115-334, §1106(3), added subsec. (g) and struck out former subsec. (g). Prior to amendment, text read as follows: "The Secretary shall provide a reference price with respect to temperate japonica rice in an amount equal to 115 percent of the amount established in subparagraphs (F) and (G) of section 9011(18) of this title in order to reflect price premiums."Subsec. (h). Pub. L. 115-123 added subsec. (h).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2023 AMENDMENT Amendment by Pub. L. 118-22 to be applied and administered as if enacted on Sept. 30, 2023, see section 102(g) of Pub. L. 118-22 set out in an Extension of Agricultural Programs note under section 9001 of this title.
EFFECTIVE DATE OF 2018 AMENDMENT Amendment by Pub. L. 115-123 applicable beginning with the 2018 crop year, see section 60101(a)(13) of Pub. L. 115-123 set out as a note under section 9011 of this title.