Page:United States Statutes at Large Volume 122.djvu/1755

 12 2 STA T . 1 73 2 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 EnergyActof20 0 8, t h e tot al a m o u nt of counter - cycl i cal p ay- ment s recei v e d , directly or indirectly, b y the person or legal entity for any crop year under subtitle C of title I of that Act for peanuts may not e x ceed $65 ,000 .‘ ‘ (3) AC R E ANDCOU N TER -C Y C LI CAL P AY M ENT S . — In the case of a person or legal entity (except a j oint venture or a general partnership) that participates in the average crop revenue elec- tion program under section 1 105 of the F ood, Conservation, and Energy Act of 2008, the total amount of average crop revenue election payments received, directly or indirectly, by the person or legal entity for any crop year for peanuts may not exceed the sum of— ‘‘(A) $65,000 and ‘‘( B ) the amount by w hich the direct payment limitation is reduced under paragraph (1)(B). ‘‘(d) L IMITATION ON APPLICA B ILITY.— N othing in this section authori z es any limitation on any benefit associated with the mar- k eting assistance loan program or the loan deficiency payment program under title I of the Food, Conservation, and Energy Act of 2008. ’ ’. (3) D IRECT ATTRIBUTION.— S ection 1001 of the Food Security Actof1 9 85( 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 AYMENTS.— ‘‘(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.—Except 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 AND GENERAL PARTNERS H IPS.—Payments made to a joint 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 Regulations.

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