The letter reiterated that this bill contains significant reforms to payment limitations and program eligibility. The three-entity rule is eliminated and spouses are provided greater equity. Redemptions of loans with certificates no longer will be authorized and limitations on marketing
loan gains are eliminated. Cumulative limits on direct and counter-cyclical payments are maintained at current levels resulting in a 50 percent reduction for some growers due to the termination of the three-entity rule.
The agreement significantly tightens an income means-test first enacted in 2002, by providing that individuals with non-farm income exceeding $500,000 will be ineligible for all program benefits and those with farm income exceeding $750,000 will be ineligible for decoupled income support. These and other modifications to eligibility standards in this farm will help ensure program benefits are directed to true farmers.
“The House and Senate have worked diligently to produce sound, balanced agriculture policy,” McClendon said. “The bill is fully paid for and will not add to the deficit. More than 1,000 organizations have signed a coalition letter supporting the override.”
The U.S. cotton industry provides employment for some 440,000 Americans and generates more than $120 billion in annual economic activity. The NCC's mission is ensuring the industry's ability to effectively and profitably compete in the raw cotton, oilseed and U.S.-manufactured product markets at home and abroad.
National Cotton Council of America
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