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Tobacco Market Transition Act

Introduced: March 11, 1998 See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 14, 1998
Executive Comment Requested from USDA.
Apr 14, 1998
Referred to the Subcommittee on Risk Management and Specialty Crops.
Mar 11, 1998
Referred to House Ways and Means
Mar 11, 1998
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.
Mar 11, 1998
Referred to House Agriculture
Mar 11, 1998
Introduced in House
 Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: Tobacco Community Revitalization Trust Fund

Title II: Tobacco Market Transition Assistance

Title III: Establishment of Private Tobacco Production

Adjustment and Quality Assurance Programs

Tobacco Market Transition Act - Title I: Tobacco Community Revitalization Trust Fund - Establishes in the Treasury the Tobacco Community Revitalization Trust Fund which shall make expenditures available for specified compensation, transition, and related assistance to tobacco producers. Authorizes appropriations (as repayable advances).

Title II: Tobacco Market Transition Assistance - Directs the Tobacco Production Control Corporation (Corporation) (established by this Act) to temporarily: (1) compensate eligible quota tobacco holders for loss of tobacco quota asset value; and (2) make transition payments to eligible active tobacco producers. Sets forth payment provisions.

(Sec. 203) Directs the Secretary of Agriculture to: (1) forgive specified loans to tobacco loan associations; and (2) transfer to such associations appropriate loan inventory titles and no net cost tobacco funds.

(Sec. 204) Directs the Corporation to provide grants to eligible political subdivisions for tobacco community economic development activities.

(Sec. 205) Directs the Corporation to make transition payments to tobacco warehousemen and consider making payments to certain other persons adversely affected by the dismantling of the Federal tobacco program or tobacco settlement legislation.

(Sec. 206) Amends the Internal Revenue Code to treat amounts received for loss of quota asset value as long-term capital gain income and active producer transition payments as regular income unless: (1) used for qualified debt repayment; or (2) transferred to a tobacco farmer individual retirement account (as provided for by this Act).

Title III: Establishment of Private Tobacco Production Adjustment and Quality Assurance Program - Establishes the Tobacco Production Control Corporation which shall: (1) establish a licensing system for tobacco production and marketing; and (2) enter into agrements with tobacco loan associations to administer licensing, price support, and marketing activities.

(Sec. 303) Sets forth tobacco price support levels and penalty provisions.

What's happening now April 14, 1998

Executive Comment Requested from USDA.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1