Page:United States Statutes at Large Volume 122.djvu/968

 12 2 STA T .945PUBLIC LA W 11 0– 2 3 4 —M A Y 22, 200 8endofth e ap p lic a b le m a rk etin gy ear for the co v ered com - modity .(4)AMOUNT O FPAR T I A L PA Y M E NT. — (A) F IR S T PARTIAL PAYMENT.—For each of the 20 0 8 thro u gh 20 1 0 crop s of a covered commodity , the first partial payment under paragraph ( 3 ) to the producers on a farm may not e x ceed 40 percent of the pro j ected counter-cyclical payment for the covered commodity for the crop year, as determined by the S ecretary. ( B ) FINAL PAYMENT.— T he final payment for a covered commodity for a crop year shall be e q ual to the difference bet w een— (i) the actual counter-cyclical payment to be made to the producers for the covered commodity for that crop year and (ii) the amount of the partial payment made to the producers under subparagraph (A). ( 5 ) R EPAYMENT.—The producers on a farm that receive a partial payment under this subsection for a crop year shall repay to the Secretary the amount, if any, by which the total of the partial payments exceed the actual counter-cyclical pay- ment to be made for the covered commodity for that crop year. SEC.1 1 05 . AV E R A G ECR OP REVE NU EE L EC TI ON PROGRA M . (a) A V AILA B ILITY AN DE LE C TION OF ALTERNATIVE APPROAC H .— (1) AVAILABILITY OF AVERA G E CROP REVENUE ELECTION PAY- MENTS.—As an alternative to receiving counter-cyclical pay- ments under section 1104 or 1304 and in exchange for a 20- percent reduction in direct payments under section 1103 or 1303 and a 30-percent reduction in marketing assistance loan rates under section 1202 or 130 7, with respect to all covered commodities and peanuts on a farm, during each of the 200 9, 2010, 2011, and 2012 crop years, the Secretary shall give the producers on the farm an opportunity to make an irrevocable election to instead receive average crop revenue election (referred to in this section as ‘ ‘A C RE ’ ’) payments under this section for the initial crop year for which the election is made through the 2012 crop year. (2) L IMITATION.— (A) I N GENERAL.—The total number of planted acres for which the producers on a farm may receive ACRE payments under this section may not exceed the total base acreage for all covered commodities and peanuts on the farm. (B) ELECTION.—If the total number of planted acres to all covered commodities and peanuts of the producers on a farm exceeds the total base acreage of the farm, the producers on the farm may choose which planted acres to enroll in the program under this section. (3) ELECTION; TIME FOR ELECTION.— (A) IN GENERAL.—The Secretary shall provide notice to producers regarding the opportunity to make each of the elections described in paragraph (1). (B) N OTICE RE Q UIREMENTS.—The notice shall include— (i) notice of the opportunity of the producers on a farm to make the election; and Notice.7USC8 7 15.

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