Upland Cotton Optional Acreage Diversion Program Act of 1988

(Measure passed House, amended)

Upland Cotton Optional Acreage Diversion Program Act of 1988 - Amends the Agricultural Act of 1949 to provide that producers of the 1988 through 1990 upland cotton crops who devote all or a part of their permitted upland cotton acreage to conservation or other authorized uses shall receive deficiency payments on the acreage considered to be planted to such crops (0/92 option) at not less than the projected deficiency rate for such crop. (Current law requires at least 50 percent planted cotton acreage in order to be eligible for such payments.)

Requires the Secretary of Agriculture to minimize adverse program effects on agribusiness and other agriculturally related economic interests within any county, State, or region.

Authorizes the Secretary to restrict the total amount of upland cotton that may be taken out of production under this Act, except in counties eligible for emergency disaster loans.

Requires the Secretary, in issuing implementing regulations under this Act, to ensure to the maximum extent possible that the program will not adversely affect landlord-tenant crop acreage base relations.

Provides for the protection of crop acreage bases and program yields.

Limits 1988 availability of this program to those producers only who have executed a production adjustment contract with the Commodity Credit Corporation by April 15, 1988.

Amends the United States Cotton Standards Act to authorize the Secretary to invest the proceeds of certain fees and charges collected under such Act.