2014 US Code
Title 7 - Agriculture (Sections 1 - 9097)
Chapter 115 - Agricultural Commodity Policy and Programs (Sections 9001 - 9097)
Subchapter I - Commodity Policy (Sections 9011 - 9019)
Sec. 9016 - Price loss coverage
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 7 - AGRICULTURE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 7 - AGRICULTURE CHAPTER 115 - AGRICULTURAL COMMODITY POLICY AND PROGRAMS SUBCHAPTER I - COMMODITY POLICY Sec. 9016 - Price loss coverage |
Contains | section 9016 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 113-79, title I, §1116, Feb. 7, 2014, 128 Stat. 668. |
Statutes at Large Reference | 128 Stat. 668 |
Public and Private Law | Public Law 113-79 |
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If all of the producers on a farm make the election under subsection (a) 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, for any of the 2014 through 2018 crop years—
(1) the effective price for the covered commodity for the crop year; is less than
(2) the reference price for the covered commodity for the crop year.
(b) Effective priceThe effective price for a covered commodity for a crop year shall be the higher of—
(1) the national average market price received by producers during the 12-month marketing year for the covered commodity, as determined by the Secretary; or
(2) the national average loan rate for a marketing assistance loan for the covered commodity in effect for such crop year under subchapter II.
(c) Payment rateThe payment rate shall be equal to the difference between—
(1) the reference price for the covered commodity; and
(2) the effective price determined under subsection (b) for the covered commodity.
(d) Payment amountIf price loss coverage payments are required to be provided under this section for any of the 2014 through 2018 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—
(1) the payment rate for the covered commodity under subsection (c);
(2) the payment yield for the covered commodity; and
(3) the payment acres for the covered commodity.
(e) Time for paymentsIf 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.
(f) Effective price for barleyIn determining the effective price for barley under subsection (b), the Secretary shall use the all-barley price.
(g) Reference price for temperate japonica riceThe 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.
(Pub. L. 113–79, title I, §1116, Feb. 7, 2014, 128 Stat. 668.)
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