To replace the existing Federal tobacco program with a federally chartered corporation to ensure the stability of the price and supply of domestically produced tobacco, to compensate quota holders for the loss of tobacco quota asset value, to provide transition assistance for active tobacco producers, to increase the competitiveness of domestically produced tobacco, and for other purposes.
Directs the Corporation to provide: (1) compensation (based upon pounds and base quota level) to eligible tobacco quota holders for loss of tobacco quota asset value; and (2) transition payments (based upon pounds and production base) to eligible active tobacco producers.
Directs the Secretary of Agriculture to forgive specified loans made to tobacco producer-owned cooperative marketing associations, and transfer related inventories to the Commodity Credit Corporation. Transfers related funds held in a No Net Cost Tobacco Fund or No Net Cost Tobacco Account to the Fund.
Directs the Corporation to consider transition payments for other persons involved in tobacco production and marketing.
Amends the Internal Revenue Code to treat: (1) tobacco quota holder compensation as long-term capital gain; and (2) transition payments as ordinary income.
Establishes the Tobacco Production Control Corporation which shall: (1) be responsible for promulgating rules governing the production, marketing, importation, exportation, and consumer quality assurances for each kind of tobacco; (2) establish a system of tobacco production and marketing licensing (sets forth license provisions); (3) determine tobacco base price levels; and (4) conduct a program referendum if requested by a certain number of licensees.
Repeals the Tobacco Control Act and specified other agricultural provisions to terminate tobacco marketing quota and related programs.
Introduced in House
Introduced in House
Referred to the Committee on Agriculture, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Agriculture, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Agriculture, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Specialty Crops and Foreign Agriculture Programs.
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