No Net Cost Tobacco Program Act of 1982

Summary

No Net Cost Tobacco Program Act of 1982 - Title I: Modification of Tobacco Price Support Program - Amends the Agricultural Act of 1949 to authorize the Secretary of Agriculture to carry out tobacco price support through Commodity Credit Corporation loan agreements with producer-owned cooperative marketing associations which will in turn make loans to producers. Requires each association to establish a separate capital account, to be known as a No Net Cost Tobacco Fund (Fund), consisting of contributions from producers of quota tobacco and, for associations handling Flue-cured tobacco, from persons who lease allotments and quotas to others. Requires such contributions for price support eligibility. Authorizes an association to set contribution rates subject to the Secretary's approval. Prohibits the Secretary from approving a contribution rate not high enough to reimburse the Corporation for any net loan losses that the association may incur. Permits an association to invest Fund moneys and to issue capital stock or certifications to investors. Requires that any earnings on Fund investments become a part of the Fund. States that net gains from the sale of an association's loan collateral tobacco shall go to the Corporation to be used to offset future losses or to reduce outstanding loan debts. Authorizes the Secretary to release excess gains to the associations. Authorizes the Secretary to adjust the support rates for different grades of tobacco to avoid market excesses. Authorizes the Secretary to provide for an alternate auction sale of "excessively priced" Flue-cured tobacco. Sets forth conditions for such designation and sale. Title II: Modification of Flue-Cured Tobacco Marketing Quota System - Amends the Agricultural Adjustment Act of 1938 to permit the leasing of Flue-cured tobacco acreage allotments or quotas. Prohibits such agreements after June 15 of the crop year, except in cases of natural disaster damage, but limits them to adjoining counties within the same State. Requires all arrangements in connection with a lease to be exclusively between lessor and lessee or an agent who regularly represents either party in nontobacco-related business transactions. Prohibits subleasing. Requires each party to file a certificate of compliance with the county committee in order for the lease to take effect. Makes loss of price supports for the affected acreage the penalty for false statements made in such certificate. Provides that the Flue-cured tobacco acreage allotment for a farm to which an allotment is transferred by sale or lease may not exceed 50 percent of such farm's tillable cropland. Permits the sale of allotments or quotas, but only to active producers (as defined in this Act) in the same county. Requires a producer to sell or forfeit any Flue-cured tobacco allotment: (1) which exceeds 50 percent of the farm's tillable cropland; or (2) in which no risk-sharing is involved. Requires a nonagricultural entity (other than an individual) which owns a Flue- cured tobacco farm but is not significantly involved in its management to sell its Flue-cured tobacco allotments or quotas or forfeit them. Requires the national yield factor for Flue-cured tobacco to be adjusted in 1983, and at five-year intervals thereafter, to the past five years' moving average. Permits individual adjustments. Authorizes producer-owned cooperative associations to make direct sales of Flue-cured tobacco.

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Documents

6 official files

• Public Law (PDF)

  Public Law · EN · 21 July 1982

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• Passed Senate amended

  summary · EN · 14 July 1982

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• Reported to Senate with amendment(s)

  summary · EN · 24 June 1982

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• Passed House amended

  summary · EN · 21 June 1982

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• Reported to House with amendment(s)

  summary · EN · 18 June 1982

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• Introduced in House

  summary · EN · 15 June 1982

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