Peanut Reform Act

Peanut Reform Act - Title I: Peanuts - Directs the Secretary of Agriculture, under the Agricultural Adjustment Act of 1938, to establish for the 1976 through 1980 peanut crops a national acreage allotment which will produce an amount of peanuts equal to the estimated domestic edible and related consumption less imports. States that the national acreage allotment shall not be less than 1,000,000 acres for the 1976 and 1977 crops; 660,000 acres for the 1978 crop; 330,000 for the 1979 crop; and zero acres for the 1980 crop.

States that the national acreage allotment shall be allocated to the States and farms on the basis of peanut allotments established for the preceding crop. Allows a maximum of one percent of such allotment to be reserved for new peanut farms meeting specified criteria.

Directs that if the total acreage used on a farm for peanuts is less than 90 percent of the peanut allotment, then the allotment for the succeeding crop shall be reduced proportionately, to a maximum of 20 percent of the farm allotment for the preceding crop. Includes as acreage planted for peanuts farm land which was not used for peanut growing because of drought, flood, or other condition beyond the producer's control.

Terminates the peanut allotment for any farm on which no peanut acreage has been planted for three consecutive crop years.

Prohibits the reduction of allotment if the producer elects not to receive payments for the portion of the allotment not planted provided under the Agricultural Act of 1949.

Allows the transfer of peanut acreage allotments from one farm or county to another if none or only a portion of the farm allotment can be timely planted in such farm or county because of a natural disaster or condition beyond the control of the producer. States that for purposes of establishing future allotments any allotment transferred in this manner shall be regarded as planted to peanuts on the farm from which the transfer was made.

Authorizes the intrastate transfer or sale of such acreage allotments from one owner or operator of a farm to another. Provides that any peanut acreage planted in excess of the authorized allotment shall not be taken into account in establishing future acreage allotments.

Establishes, under the Agricultural Act of 1949, a price support for peanuts at 15 cents per pound for the 1976 and 1977 crop. Allows adjustments in such price for the 1977, 1978, and 1979 crop.

Directs the Secretary to make loans and purchases available on each of the 1976 through 1980 crops at a level not less than 12 cents per pound. Sets forth a formula for such payments.

Authorizes the Secretary to provide for a set-aside of cropland if the total supply of peanuts is likely to be excessive without such set-aside. Sets forth conditions for payments under such set- aside.

Authorizes the Secretary to make land diversion payments to assist in adjusting the acreage of peanuts to desirable goals to cooperators on a farm who devote to approved conservation uses an acreage of cropland.

Requires cooperators to take measures to protect set-aside acreage and diverted acreage from erosion, insects, weeds, and rodents. Allows the Secretary to pay an appropriate share of the cost of such practices. Authorizes the Secretary to make further payments on farm acreage used for the benefit of the general public.

Directs the Secretary to provide adequate safeguards to protect the interests of tenant and sharcroppers, including provisions for sharing in the payments authorized under this Act.

Requires that peanut programs under this Act be carried out by the Commodity Credit Corporation.

Title II: Miscellaneous - Amends specified Acts to carry out the purposes of this Act.