Family Agriculture Reinvestment and Marketing Strategy Act of 1998

TABLE OF CONTENTS:

Title I: Short-Term Cash Relief Measures

Title II: Trade Issues and Promotion of Value-Added

Agriculture

Subtitle A: Trade Issues

Subtitle B: Value-Added Agriculture

Subtitle C: Meat Labeling

Subtitle D: Other Matters Regarding Trade

Title III: Tax Provisions

Family Agriculture Reinvestment and Marketing Strategy Act of 1998 - Title I: Short-Term Cash Relief Measures - Amends the Agricultural Market Transition Act to authorize increases for production flexibility contract payments.

(Sec. 102) Directs the Secretary of Agriculture, acting through the Risk Management Agency, to conduct a crop insurance program that allows producers to select a dollar amount of coverage per acre by crop within a designated production area.

Amends the Federal Crop Insurance Act to repeal the existing revenue insurance pilot program.

(Sec. 103) Amends the Agricultural Market Transition Act to provide supplemental market deficiency and indemnity payments to eligible wheat and barley producers adversely affected by trade sanctions.

Title II: Trade Issues and Promotion of Value- Added Agriculture -Subtitle A: Trade Issues - Directs the President and the United States Trade Representative to take specified actions regarding trade with Canada concerning: (1) wheat imports; (2) feeder cattle; (3) wheat and feed subsidies; (4) phytosanitary inspection requirements; (4) rail system access; and (5) trade barriers.

(Sec. 202) Sets forth specified trade negotiating objectives with respect to the World Trade Organization (WTO) Agreement on Agriculture.

(Sec. 203) Amends the Omnibus Trade and Competitiveness Act of 1988 to revise provisions with respect to the accession of countries with state trading enterprises to the general agreement on tariffs and trade (GATT) and the WTO.

(Sec. 204) States that the United States shall not agree to accession of the People's Republic of China or Russia to the WTO until they take specified actions with respect to: (1) phytosanitary and veterinary standards; and (2) pork, meat, seed, and wheat imports.

Subtitle B: Value-Added Agriculture - Amends the Consolidated Farm and Rural Development Act to authorize appropriations to encourage production and marketing of value-added agricultural commodities.

(Sec. 212) Directs the Small Business Administrator to implement a low interest loan program for small businesses, farmers, and ranchers affected by low commodity prices.

Subtitle C: Meat Labeling - Amends the Federal Meat Inspection Act to: (1) define specified terms relating to beef and lamb; and (2) set forth related labeling requirements.

Directs the Secretary to conduct a ground beef and ground lamb labeling study.

Subtitle D: Other Matters Regarding Trade - Directs the Secretary and the Administrator of the Environmental Protection Agency to jointly conduct a study of licensing and registration procedures under the Federal Insecticide, Fungicide, and Rodenticide Act and under Canadian law.

(Sec. 232) Amends the Agricultural Marketing Act of 1946 to direct the Secretary to conduct a pilot program requiring persons engaged in buying, selling, or marketing livestock, meat, and related products in unmanufactured form to report on prices and sale terms.

Amends the Packers and Stockyards Act, 1921 to prohibit packer retaliation against livestock producers.

Title III: Tax Provisions - Amends the Internal Revenue Code to revise individual capital gains tax rates.

(Sec. 302) Repeals estate and gift tax provisions.

(Sec. 303) Amends the Taxpayer Relief Act of 1997 to make income averaging for farmers permanent.