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Tobacco Price Support Program
The Tobacco Price Support Program used a combination of marketing quotas and nonrecourse loans to keep prices stable and higher than they would be otherwise in the United States. The tobacco quota limited production to raise prices. Nonrecourse loans allowed producers to hold tobacco stocks for long periods to balance supplies with market demand conditions. Under the No Net Cost Tobacco Act of 1982, tobacco loan program operations were required to function at no net cost to taxpayers (P.L. 97-218). A no net cost assessment was collected on all leaf tobacco sold to build a reserve fund that reimbursed the Commodity Credit Corporation The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices" (federally chartered by the CCC Charter Act of 1948 (P.L. 80-806) ... (CCC) for any losses of loan principal and interest. Adoption of the tobacco quota buyout in P.L. 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tobacco Quota
In the United States, Tobacco quotas (poundage quotas, and in some cases acreage allotment A farm's acreage allotment, under provisions of permanent commodity price support law, is its share, based on its previous production, of the national acreage needed to produce sufficient supplies of a particular crop. Under the 2002 farm bill (P.L. ...s) were a supply control feature of federal price support for tobacco. Burley tobacco was subject to marketing quotas and flue-cured tobacco was subject to marketing quotas and acreage allotments. Tobacco quota owners (owners of farmland to which quota is assigned) voted every three years on whether or not to continue with price support (through no-net-cost loans) and marketing quotas. Producers of several minor tobaccos (including Maryland (type 32), Pennsylvania cigar-filler (type 41), and Connecticut Valley cigar-binder (types 51-52)) had disapproved federal support. The national marketing quota (basic quota) was calculated according to a for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nonrecourse Loan
Nonrecourse debt or a nonrecourse loan (sometimes hyphenated as non-recourse) is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender can seize and sell the collateral, but if the collateral sells for less than the debt, the lender cannot seek that deficiency balance from the borrower—its recovery is limited only to the value of the collateral. Thus, nonrecourse debt is typically limited to 50% or 60% loan-to-value ratios, so that the property itself provides "overcollateralization" of the loan. The incentives for the parties are at an intermediate position between those of a full recourse secured loan and a totally unsecured loan. While the borrower is in first loss position, the lender also assumes significant risk, so the lender must underwrite the loan with much more care than in a full recourse loan. This typically requires that the lender have s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
No Net Cost Tobacco Act Of 1982
The No Net Cost Tobacco Act of 1982 (P.L. 97-218) required that the Tobacco Price Support Program operate at no net cost to Tax, taxpayers, other than for the administrative expenses common to all price support programs. To satisfy this mandate, sellers and buyers (including importers) of tobacco were assessed equally to build a capital account that was drawn upon to reimburse the Commodity Credit Corporation (CCC) for any losses of principal and interest resulting from nonrecourse loan operations. Other provisions of this law provided for reducing the level of support for tobacco and made various modifications to the marketing quota and acreage allotment programs. No net cost assessments ended when price support was terminated after the 2004 crop. External links * * {{CRS, article = Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition, url = https://web.archive.org/web/20110810044532/http://ncseonline.org/nle/crsreports/05jun/97-905.pdf, auth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
No Net Cost
No net cost is a requirement that certain commodity programs operate at no net cost to the federal government. The No Net Cost Tobacco Act of 1982 (P.L. 97-218) required an assessment on 1982 and subsequent tobacco crops to cover potential tobacco price support program losses. The 1985 farm bill (P.L. 99-198) required that USDA operate the sugar program for the first time at no cost; a provision repealed by the 1996 farm bill (P.L. 104-127) and reinstated by the 2002 farm bill (P.L. 107-171, Sec. 1401(a)). The 1996 changes to the peanut price support program were designed to ensure that it also operated at no cost. Subsequently, the peanut program was completely changed by the 2002 farm bill The Farm Security and Rural Investment Act of 2002, also known as the 2002 Farm Bill, includes ten titles, addressing a great variety of issues related to agriculture, ecology, energy, trade, and nutrition. This act has been superseded by the 2007 ..., but not in a manner to make it no-net-co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Credit Corporation
The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices" (federally chartered by the CCC Charter Act of 1948 (P.L. 80-806)). The CCC is authorized to buy, sell, lend, make payments, and engage in other activities for the purpose of increasing production, stabilizing prices, assuring adequate supplies, and facilitating the efficient marketing of agricultural commodities. The CCC, which has no staff, is essentially a financing institution for the USDA's farm price and income support commodity programs, commodity export credit guarantees, and agricultural export subsidies. The programs funded through CCC are administered by employees of the Farm Service Agency, the Agricultural Marketing Service, and the Foreign Agricultural Service. The CCC has the authority to borrow up to $30 billion from the US Treasury to carry out its obligations. Net losses from its oper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tobacco In The United States
Tobacco has a long history in the United States. Tobacco distribution is measured in the United States using the term, "tobacco outlet density." An estimated 34.3 million people, or 14% of all adults (aged 18 years or older), in the United States smoked cigarettes in 2015. By state, in 2015, smoking prevalence ranged from between 9.1% and 12.8% in Utah to between 23.7% and 27.4% in West Virginia. By region, in 2015, smoking prevalence was highest in the Midwest (18.7%) and South (15.3%) and lowest in the West (12.4%). Men tend to smoke more than women. In 2015, 16.7% of men smoked compared to 13.6% of women. In 2018, 13.7% of U.S. adults were smokers. Cigarette smoking is the leading cause of preventable death in the United States, accounting for approximately 443,000 deaths, or 1 of every 5 deaths, in the United States each year. Cigarette smoking alone has cost the United States $96 billion in direct medical expenses and $97 billion in lost productivity per year or an average ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
