Guide to the U.S. Farm Bill
On February 7, 2014, the Agricultural Act of 2014 was signed into law.
The Farm Bill (among other items):
Repeals: 1) direct payments, (2) countercyclical payments, and (3) the average crop revenue election (ACRE) program.
Provides for crop years beginning with crop year 2014 either: (1) price loss coverage if a covered commodity's effective price is less than its reference price; or (2) alternative revenue loss coverage, as a permanent one-time election, if a covered commodity's county revenue is less than the county revenue loss coverage trigger.
Authorizes: (1) nonrecourse marketing assistance loans beginning with crop year 2014, (2) loan deficiency payments beginning with crop year 2014, (3) payments in lieu of loan deficiency payments for grazed acreage beginning with crop year 2014, (4) programs for upland cotton and extra long staple cotton, (5) assistance for peanuts, and (6) recourse loans for high moisture feed grains and seed cotton beginning with crop year 2014.
Repeals: (1) the dairy products price support program, (2) the milk income loss contract program, and (3) the dairy export incentive program, and establishes a dairy production margin insurance program under which participating dairy operations are paid: (1) basic production margin protection program payments when production margins are less than threshold levels, and (2) supplemental production margin protection program payments if purchased by a participating dairy operation. Provides for program retroactivity.
Includes cost share funds for projects related to the protection of water quality, soil quality, and buffer zones for endangered species, and includes funding for agricultural and food research.