No Net Cost Tobacco Act of 1982

The No Net Cost Tobacco Act of 1982 (P.L. 97-218) required that the Tobacco Price Support Program operate at no net cost to taxpayers, other than for the administrative expenses common to all price support programs. To satisfy this mandate, sellers and buyers (including importers) of tobacco were assessed equally to build a capital account that was drawn upon to reimburse the Commodity Credit Corporation (CCC) for any losses of principal and interest resulting from nonrecourse loan operations. Other provisions of this law provided for reducing the level of support for tobacco and made various modifications to the marketing quota and acreage allotment programs. No net cost assessments ended when price support was terminated after the 2004 crop.

No Net Cost Tobacco Act of 1982
Long titleAn Act to provide for the operation of the tobacco price support and production adjustment program in such a manner as to result in no net cost to taxpayers, to limit increases in the support price for tobacco, and for other purposes.
Acronyms (colloquial)NNCTPA
NicknamesNo Net Cost Tobacco Program Act of 1982
Enacted bythe 97th United States Congress
EffectiveJuly 20, 1982
Citations
Public law97-218
Statutes at Large96 Stat. 197
Codification
Titles amended7 U.S.C.: Agriculture
U.S.C. sections amended
Legislative history
  • Peters,Gerhard; Woolley, John T. "Ronald Reagan: "Letter to the Chairman of the United States International Trade Commission on Tobacco Price Supports ," September 7, 1984". The American Presidency Project. University of California – Santa Barbara.
  •  This article incorporates public domain material from the Congressional Research Service document: Jasper Womach. "Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition" (PDF).
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.