Page:United States Statutes at Large Volume 122.djvu/1027

 12 2 STA T . 1 0 0 4PUBLIC LA W 110 – 2 3 4 —M A Y 22, 200 8‘ ‘ (B)theamoun t byw h ic h the d i r ect p ayment l imitation i s reduced under para g raph ( 1 )(B) . ‘‘(d) LIM I TA TI ON ON AP P L I C A B ILIT Y . —N othing in this section authori z es any limitation on any bene f it associated with the mar -k eting assistance loan program or the loan deficiency payment program under title I of the F ood ,C onser v ation, and E nergy Act of 20 0 8 . ’ ’. ( 3 ) D I RE CT ATTRIB U TION.— S ection 1001 of the Food Security Actof1 9 8 5 ( 7U .S.C. 1308) is amended— (A) by striking subsections (e) and (f) and redesignating subsection (g) as subsection (h) and (B) by inserting after subsection (d) the following

‘‘(e) ATTRIBUTION O FP AYMENT S .— ‘‘(1) IN G ENERAL.—In implementing subsections (b) and (c) and a program described in paragraphs (1)(C) and (2)(B) of section 1001D(b), the Secretary shall issue such regulations as are necessary to ensure that the total amount of payments are attributed to a person by taking into account the direct and indirect ownership interests of the person in a legal entity that is eligible to receive the payments. ‘‘(2) PAYMENTS TO A PERSON.—Each payment made directly to a person shall be combined with the pro rata interest of the person in payments received by a legal entity in which the person has a direct or indirect ownership interest unless the payments of the legal entity have been reduced by the pro rata share of the person. ‘‘(3) PAYMENTS TO A LEGAL ENTITY.— ‘‘(A) IN GENERAL.—Each payment made to a legal entity shall be attributed to those persons who have a direct or indirect ownership interest in the legal entity unless the payment to the legal entity has been reduced by the pro rata share of the person. ‘‘(B) ATTRIBUTION OF PAYMENTS.— ‘‘(i) PAYMENT LIMITS.—E x cept as provided in clause (ii), payments made to a legal entity shall not exceed the amounts specified in subsections (b) and (c). ‘‘(ii) E X CEPTION FOR J OINT V ENTURES AN D GENERAL PARTNERS H IPS.—Payments made to a j oint venture or a general partnership shall not exceed, for each pay- ment specified in subsections (b) and (c), the amount determined by multiplying the maximum payment amount specified in subsections (b) and (c) by the number of persons and legal entities (other than joint ventures and general partnerships) that comprise the ownership of the joint venture or general partnership. ‘‘(iii) R EDUCTION.—Payments made to a legal entity shall be reduced proportionately by an amount that represents the direct or indirect ownership in the legal entity by any person or legal entity that has otherwise exceeded the applicable maximum payment limitation. ‘‘( 4 ) 4 LEVELS OF ATTRIBUTION FOR EMBEDDED LEGAL ENTI- TIES.— ‘‘(A) IN GENERAL.—Attribution of payments made to legal entities shall be traced through 4 levels of ownership in legal entities. ‘‘(B) FIRST LEVEL.—Any payments made to a legal entity (a first-tier legal entity) that is owned in whole Regulations.

�