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Full Text of this Amendment
SA 3740. Mrs. LINCOLN submitted an amendment intended to be proposed to amendment SA 3500 proposed by Mr. Harkin (for himself, Mr. Chambliss, Mr. Baucus, and Mr. Grassley) to the bill H.R. 2419, to provide for the continuation of agricultural programs through fiscal year 2012, and for other purposes; which was ordered to lie on the table; as follows:
On page 189, strike lines 4 through 14, and insert the following:
Act, may not exceed $40,000 (as adjusted under paragraph (3) in the case of corn).
``(2) COUNTER-CYCLICAL PAYMENTS.--The total amount of counter-cyclical payments received, directly or indirectly, by a person or legal entity (except a joint venture or a general partnership) for any crop year under part I of subtitle A of title I of the Food and Energy Security Act of 2007 for one or more covered commodities (except for peanuts), or average crop revenue payments determined under section 1401(b)(3) of that Act, may not exceed $60,000 (as adjusted under paragraph (3) in
the case of corn).
``(3) SPECIAL RULE FOR CORN.--
``(A) IN GENERAL.--For each crop year, the Secretary shall calculate a per bushel ethanol benefit for corn resulting from Federal incentives for ethanol.
``(B) REDUCTION IN PAYMENTS.--
``(i) REDUCTION OF DIRECT PAYMENT.--The maximum amount of direct payments that a person or legal entity is entitled to receive for a crop year for corn under paragraph (1), or average crop revenue payments determined under section 1401(b)(2) of the Food and Energy Security Act of 2007, shall be reduced by an amount equal to the product obtained by multiplying--
``(I) the amount of the ethanol benefit calculated under subparagraph (A); by
``(II) the actual quantity of corn produced by the individual or entity during the preceding crop year.
``(ii) REDUCTION OF COUNTER-CYCLICAL PAYMENTS.--If the amount calculated under subclauses (I) and (II) of clause (i) for a person or legal entity exceeds the amount of direct payments the person or legal entity would otherwise be entitled to receive under paragraph (1) for corn, the maximum amount of counter-cyclical payments for corn that the person or legal entity is entitled to receive under paragraph (2), or average crop revenue payments determined under section 1401(b)(3) of the
Food and Energy Security Act of 2007, shall be reduced by the excess amount.
(As printed in the Congressional Record for the Senate on Nov 15, 2007.)
On page 189, strike lines 4 through 14, and insert the following:
Act, may not exceed $40,000 (as adjusted under paragraph (3) in the case of corn).
``(2) COUNTER-CYCLICAL PAYMENTS.--The total amount of counter-cyclical payments received, directly or indirectly, by a person or legal entity (except a joint venture or a general partnership) for any crop year under part I of subtitle A of title I of the Food and Energy Security Act of 2007 for one or more covered commodities (except for peanuts), or average crop revenue payments determined under section 1401(b)(3) of that Act, may not exceed $60,000 (as adjusted under paragraph (3) in
the case of corn).
``(3) SPECIAL RULE FOR CORN.--
``(A) IN GENERAL.--For each crop year, the Secretary shall calculate a per bushel ethanol benefit for corn resulting from Federal incentives for ethanol.
``(B) REDUCTION IN PAYMENTS.--
``(i) REDUCTION OF DIRECT PAYMENT.--The maximum amount of direct payments that a person or legal entity is entitled to receive for a crop year for corn under paragraph (1), or average crop revenue payments determined under section 1401(b)(2) of the Food and Energy Security Act of 2007, shall be reduced by an amount equal to the product obtained by multiplying--
``(I) the amount of the ethanol benefit calculated under subparagraph (A); by
``(II) the actual quantity of corn produced by the individual or entity during the preceding crop year.
``(ii) REDUCTION OF COUNTER-CYCLICAL PAYMENTS.--If the amount calculated under subclauses (I) and (II) of clause (i) for a person or legal entity exceeds the amount of direct payments the person or legal entity would otherwise be entitled to receive under paragraph (1) for corn, the maximum amount of counter-cyclical payments for corn that the person or legal entity is entitled to receive under paragraph (2), or average crop revenue payments determined under section 1401(b)(3) of the
Food and Energy Security Act of 2007, shall be reduced by the excess amount.
(As printed in the Congressional Record for the Senate on Nov 15, 2007.)
