Agriculture Emergency Act

Agriculture Emergency Act - Title I: Agricultural Export Expansion - Amends the Agricultural Act of 1954 to direct the Secretary of Agriculture to establish abroad between six and 25 United States Agricultural Trade Offices, for the purpose of developing, maintaining, and expanding international markets for United States agricultural commodities. Changes the title of Agricultural Attaches to Agricultural Counselors, and requires each Counselor to submit to the Secretary an annual report detailing the social, political and economic factors affecting agriculture and agricultural trade in the country or area to which such Counselor is assigned.

Establishes in the Department of Agriculture: (1) an Assistant Secretary for Commodity Programs, to perform duties related to agricultural stabilization and conservation; and (2) an Under Secretary for International Affairs to perform duties related to foreign agriculture.

Amends the Commodity Credit Corporation Charter Act to direct the Secretary to provide Corporation financing to exporters of agricultural commodities who wish to extend deferred payment terms, not to exceed three years, to foreign buyers in order to meet foreign competition and to make additional export sales.

Title II: Agricultural Credit - Subtitle A: Amendments to the Consolidated Farm and Rural Development Act - Amends the Consolidated Farm and Rural Development Act to provide loans to any farm owners or tenants for the purposes of meeting Federal, State, or local requirements for agricultural, animal, or poultry waste pollution abatement and control facilities.

Establishes a low-income farm ownership loan program for owners or operators of small or family farms, and extends eligibility for real estate and operating loans to private domestic corporations and partnerships primarily engaged in farming or ranching. Extends eligibility for operating loans to farm cooperatives.

Increases the maximum allowable total principal indebtedness for real estate loans which may be outstanding by any one borrower to $200,000, or $300,000 in the case of a guaranteed loan.

Removes the $500,000 ceiling from the aggregate principal of loans made using the Agricultural Credit Insurance Fund.

Increases the amount of indebtedness which may be outstanding for operating loans for an individual from $50,000 to $100,000, or in the case of a guaranteed loan, $200,000.

Authorizes the Secretary to purchase the guaranteed portion of any rural development loan using funds from the Rural Development Insurance Fund and the guaranteed portion of all other loans with funds from the Agricultural Credit Insurance Fund.

Replaces the current provision for an up to five-year renewal of an operating loan with a provision for the consolidation or rescheduling of outstanding loans for payment over a period not to exceed seven years from the date of such consolidation or rescheduling.

Authorizes the Secretary to make loans and grants, and approve transfers and assumptions under such Act in connection with property securing a loan made, insured, or held by the Secretary notwithstanding the fact an area ceases to be eligible for assistance under the Act.

Authorizes the Secretary to provide a procedure for appeal and review of determinations by a county committee that a loan applicant is able to obtain sufficient credit elsewhere to finance his actual needs at reasonable rates and terms.

Increases from $15,000 to $25,000 the amount of claims that can be compromised without approval of the Administrator of the Farmers Home Administration.

Authorizes the Secretary to grant a moratorium upon the payment by an individual of interest and principal on a loan, upon a showing of temporary inability to continue making payments, beyond the individual's control.

Subtitle B: Emergency Agricultural Credit Adjustment Act - Directs the Secretary to insure, guarantee, or make direct loans for the purpose of making payment of principal and interest installments or refinancing, in whole or in part, equipment or operating loans, giving preference to owners or operators of small or family farms. Requires the Secretary to guarantee 100 percent of the principal and interest of any such loan. Limits the total principal balance outstanding on insured or guaranteed loans to $200,000. Allows the total outstanding principal indebtedness of any borrower to reach $150,000 without approval of the senior State official of the Farmers Home Administration.

Limits the total principal amount of all outstanding loans under this title during 1978 to $1,500,000,000, and during 1979 to $3,000,000,000. Terminates such program on December 31, 1979.

Subtitle C: Miscellaneous Provisions - Extends the Emergency Livestock Credit Act through September 30, 1979.

Title III: Wheat, Feed Grains, and Cotton Price Supports, Set-Aside and Release Prices - Amends the Agricultural Act of 1949 to provide for the 1978 and 1979 crops of the following commodities a sliding-scale of established prices, keyed to voluntary five percent increments above the required acreage set-aside level, ranging: (1) for wheat, from $3.00 per bushel for a 20 percent set-aside up to $5.00 per bushel for a 50 percent set-aside; (2) for corn, from $2.10 for a ten percent set-aside up to $3.49 for a 50 percent set-aside; and (3) for upland cotton, from 54 cents per pound for a 20 percent set-aside up to 85 cents per pound for a 50 percent set-aside. Sets the 1979 established price for a 50 percent set-aside of all three commodities at the January, 1979 parity price for the 1979 crops.

Prohibits: (1) the Secretary from providing for the redemption of stored wheat and feed grains loans unless the market price for such commodities is not less than parity; (2) the calling of such loans until the market price for wheat and feed grains is at least 105 percent of parity; and (3) the Commodity Credit Corporation from selling its stocks of wheat and feed grains for less than the parity price of such commodities.

Title IV: Sugar - Amends the Food and Agriculture Act of 1977 to increase the price support for the 1978 through 1980 crops of sugar beets and sugarcane to a minimum of 65 percent of parity, but not less than 17 cents per pound raw sugar equivalent.

Title V: Meat Imports - Sets formulae for quotas on the importation of specified meat products as of January 1, 1979. Prohibits the annual importation of specified kinds of cattle in excess of the smaller of either: (1) the average number of such livestock imported during the period January 1, 1973, through December 31, 1977; or (2) 960,000 head.

Title VI: National Farmer and Rancher Board - Establishes the National Farmer and Rancher Board, composed of bona fide farmers and ranchers from eight agricultural regions of the United States who shall be elected to such Board by agricultural producers according to specified procedures. Limits the duties of such Board to advising, consulting with, and making written recommendations to the President, the Secretary of Agriculture, and the Secretaries and Administrators of other specified departments and agencies on matters pertaining to the family farm and/or the production and marketing of agricultural commodities.

Title VII: Congressional Review of Embargoes or Sale Suspensions - Amends the Food and Agriculture Act of 1977 to require notification of Congress of any embargo or suspension of a commercial export sale of specified commodities, and to permit Congress to halt such embargo by adoption of a resolution of disapproval within 60 days after notification.

Title VIII: Government Purchases - Declares that it is the sense of Congress that all departments, agencies, and instrumentalities of all three branches of the United States Government use their resources and facilities to the maximum extent practicable to purchase agricultural products produced in the United States.

Amends the Food Stamp Act of 1964 to exclude from food stamp coverage any food labeled imported.

Title IX: Agricultural Tax Provisions - Amends the Internal Revenue Code to allow an investment tax credit for buildings and structural components used in the business of farming. Grants an exemption from the excise tax for any trailer or semitrailer used for farming purposes or for transporting horses or livestock, whose gross vehicle weight is 10,000 pounds or less. Entitles aerial applicators to a refund of gasoline and special fuels taxes.

Repeals the carryover basis provisions of the Tax Reform Act of 1976 which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.

Allows a deduction from income for State estate taxes in the case of income in respect of a decedent.

Title X: Natural Gas for Essential Agricultural Purposes - Directs the Federal Energy Regulatory Commission to prohibit curtailment by a natural gas company of natural gas for essential agricultural, food processing, and food packaging purposes for which natural gas is necessary.

Requires the Secretary to determine the purposes for which natural gas is necessary.

Title XI: Increase Farm Storage Loan Ceiling - Amends the Commodity Credit Corporation Charter Act to increase the farm storage loan ceiling from $50,000 to $100,000.

Title XII: Regulatory Reform - Authorizes either House of Congress by resolution to disapprove, in whole or in part, any rule or regulation prescribed by the head of any Federal department or agency.

Requires the heads of all Federal departments and agencies to submit a comprehensive review and evaluation of their programs and activities so that the Congress may determine if the merits of each program or activity support its continuation or diminution rather than its termination.