Page:United States Statutes at Large Volume 110 Part 1.djvu/926

 110 STAT. 902 PUBLIC LAW 104-127—APR. 4, 1996 (1) the payment quantity determined under subsection (a) for each of the contract commodities covered by the contract; and (2) the corresponding payment rate for the contract commodity in effect under subsection (c). (e) REDUCTION IN PAYMENT AMOUNT. — The contract payment determined under subsection (d) for an owner or producer for a fiscal year shall be immediately reduced by the amount of any repayment of deficiency payments that is required under section 114(a)(2) of the Agricultural Act of 1949 (7 U.S.C. 1445j(a)(2)) and is not repaid as of the date the contract payment is determined. The Secretary shall be required to collect the required repayment, or any claim based on the required repayment, as soon as the contract payment is determined. (f) ASSIGNMENT OF CONTRACT PAYMENTS. —The provisions of section 8(g) of the Soil Conservation and Domestic Allotment Act (16 U.S.C. 590h(g)) (relating to assignment of payments) shall apply to contract payments under this section. The owner or producer making the assignment, or the assignee, shall provide the Secretary with notice, in such manner as the Secretary may require in the contract, of any assignment made under this subsection. (g) SHARING OF CONTRACT PAYMENTS. — The Secretary shall provide for the sharing of contract payments among the owners and producers subject to the contract on a fair and equitable basis. 7 USC 7215. SEC. 115. PAYMENT LIMITATIONS. (a) APPLICABILITY OF PAYMENT LIMITATIONS.— Sections 1001 through lOOlC of the Food Security Act of 1985 (7 U.S.C. 1308 through 1308-3), as amended by this section, shall be applicable to contract payments made under this subtitle. (b) PAYMENT LIMITATIONS. —Section 1001 of the Food Security Act of 1985 (7 U.S.C. 1308) is amended by striking paragraphs (1) through (4) and inserting the following: " (1) LIMITATION ON PAYMENTS UNDER PRODUCTION FLEXIBIL- ITY CONTRACTS.— The total amount of contract payments made under the Agricultural Market Transition Act to a person under 1 or more production flexibility contracts during any fiscal year may not exceed $40,000. " (2) LIMITATION ON MARKETING LOAN GAINS AND LOAN DEFI- CIENCY PAYMENTS. —The total amount of the payments specified in paragraph (3) that a person shall be entitled to receive under the Agricultural Market Transition Act for 1 or more contract commodities and oilseeds during any crop year may not exceed $75,000. " (3) DESCRIPTION OF PAYMENTS SUBJECT TO LIMITATION.— The payments referred to in paragraph (2) are the following: "(A) Any gain realized by a producer from repaying a marketing assistance loan under section 131 of the Agricultural Market Transition Act for a crop of any loan commodity at a lower level than the original loan rate established for the loan commodity under section 132 of the Act. "(B) Any loan deficiency pa3anent received for a loan commodity under section 135 of the Act. "(4) DEFINITIONS. —In this title, the terms 'contract commodity', 'contract payment', 'loan commodity', 'oilseed', and 'production flexibility contract' have the meaning given those

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