12 2 STA T . 1 0 0 3PUBLIC LA W 110 – 23 4—M A Y 22 , 200 8‘ ‘ (i i )theamoun to f the r e d u c tion in direct p a y ment s under section 1 1 05 (a)(1) of that A ct . ‘‘( 2 ) COUNTER-CY C LI C A L P AY M ENT S . —I n the case of a person or l e g al entity (e x cept a j oint v enture or a general partnership) that does not participate in the average crop revenue election program under section 1105 of the F ood , Conservation, and E nergy Act of 200 8 , the total amount of counter-cyclical pay- ments received, directly or indirectly, b y the person or legal entity for any crop year under subtitle A of title I of that Act for 1 or more covered commodities (except for peanuts) may not exceed $6 5,000. ‘‘( 3 )AC R EAN D COUNTER-CYCLICAL PAYMENTS.—In the case of a person or legal entity (except a joint venture or a general partnership) that participates in the average crop revenue elec- tion program under section 1105 of the Food, Conservation, and Energy Act of 2008, the total amount of average crop revenue election payments and counter-cyclical payments received, directly or indirectly, by the person or legal entity for any crop year for 1 or more covered commodities (except 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). ‘‘(c) L IMITATION ON D IRECT P AYMENTS, COUNTER-CYCLICAL PAY- MENTS, AND ACRE PAYMENTS F OR PEANUTS.— ‘‘(1) DIRECT PAYMENTS.— T he total amount of direct pay- ments received, directly or indirectly, by a person or legal entity (except a joint venture or a general partnership) for any crop year under subtitle C of title I of the Food, Conserva- tion, and Energy Act of 2008 for peanuts may not exceed— ‘‘(A) in the case of a person or legal entity that does not participate in the average crop revenue election pro- gram under section 1105 of that Act, $ 4 0,000; or ‘‘(B) in the case of a person or legal entity that partici- pates in the average crop revenue election program under section 1105 of that Act, an amount e q ual to— ‘‘(i) the payment limit specified in subparagraph (A); less ‘‘(ii) the amount of the reduction in direct payments under section 1105(a)(1) of that Act. ‘‘(2) COUNTER-CYCLICAL PAYMENTS.—In the case of a person or legal entity (except a joint venture or a general partnership) that does not participate in the average crop revenue election program under section 1105 of the Food, Conservation, and Energy Act of 2008, the total amount of counter-cyclical pay- ments received, directly or indirectly, by the person or legal entity for any crop year under subtitle C of title I of that Act for peanuts may not exceed $65,000. ‘‘(3) ACRE AND COUNTER-CYCLICAL PAYMENTS.—In the case of a person or legal entity (except a joint venture or a general partnership) that participates in the average crop revenue elec- tion program under section 1105 of the Food, 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
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