Page:United States Statutes at Large Volume 122.djvu/1698

 12 2 STA T . 1 675PUBLIC LA W 11 0– 2 4 6 —J U NE 1 8, 2008 (i i )theACREprog r am g u ara n tee f or the c rop y ear for the co v ere d commodity or peanut s in the S tate determined under su b section (d) . ( B ) INDIV ID UAL L OS S. —T he Secretary sha l lma k e ACRE payments available to the producers on a farm in a State for a crop year only if (as determined by the Secretary)— (i) the actual farm revenue for the crop year for the covered commodity or peanuts , as determined under subsection (e) is less than (ii) the farm ACRE benchmark revenue for the crop year for the covered commodity or peanuts, as determined under subsection (f). ( 3 )TI MEF O RP A Y MEN T S.—In the case of each of the 20 0 9 through 20 1 2 crop years, the Secretary shall make ACRE pay - ments beginning O ctober 1, or as soon as practicable thereafter, after the end of the applicable marketing year for the covered commodity or peanuts. (c) A C TUAL STATE REVENUE.— (1) IN G ENERAL.— F or purposes of subsection (b)(2)(A), the amount of the actual State revenue for a crop year of a covered commodity or peanuts shall e q ual the product obtained by multiplying— (A) the actual State yield for each planted acre for the crop year for the covered commodity or peanuts deter- mined under paragraph (2); and (B) the national average market price for the crop year for the covered commodity or peanuts determined under paragraph (3). (2) ACTUAL STATE YIELD.—For purposes of paragraph (1)(A), the actual State yield for each planted acre for a crop year for a covered commodity or peanuts in a State shall equal (as determined by the Secretary)— (A) the quantity of the covered commodity or peanuts that is produced in the State during the crop year; divided by (B) the number of acres that are planted to the covered commodity or peanuts in the State during the crop year. (3) N ATIONAL AVERAGE MAR K ET PRICE.—For purposes of paragraph (1)(B), the national average market price for a crop year for a covered commodity or peanuts in a State shall equal the greater of— (A) the national average market price received by pro- ducers during the 12-month marketing year for the covered commodity or peanuts, as determined by the Secretary; or (B) the marketing assistance loan rate for the covered commodity or peanuts under section 1202 or 130 7 ,as reduced under subsection (a)(1). (d) ACRE P ROGRAM G UARANTEE.— (1) AMOUNT.— (A) IN GENERAL.—For purposes of subsection (b)(2)(A) and sub j ect to subparagraph (B), the ACRE program guar- antee for a crop year for a covered commodity or peanuts in a State shall equal 90 percent of the product obtained by multiplying— (i) the benchmark State yield for each planted acre for the crop year for the covered commodity or

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