12 2 STA T . 1 673PUBLIC LA W 11 0– 2 4 6 —J U NE 1 8, 2008 giveproduc er s o naf ar mth e option to receive partia l pa y ments of the counter - cyclical payment pro j ected to b e made for that crop of the covered commodity .(B)ELECTION . — (i) I N G ENE RA L.— T he S ecretary shall allo w pro- ducers on a farm to ma k e an election to receive partial payments for a covered commodity under subparagraph ( A ) at any time but not later than 60 days prior to the end of the marketing year for that covered com- modity. (ii) D ATE O F I S S U ANCE.—The Secretary shall issue the partial payment after the date of an announcement by the Secretary but not later than 3 0 days prior to the end of the marketing year. (3) TI M E FOR P ARTIAL PA Y MENTS.— W hen the Secretary makes partial payments for a covered commodity for any of the 2 00 8 through 20 1 0 crop years— (A) the first partial payment shall be made after completion of the first 180 days of the marketing year for the covered commodity
and (B) the final partial payment shall be made beginning O ctober 1 , or as soon as practicable thereafter, after the end of the applicable marketing year for the covered com- modity. ( 4 ) AMOUNT OF PARTIAL PAYMENT.— (A) F IRST PARTIAL PAYMENT.—For each of the 2008 through 2010 crops 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 projected counter-cyclical payment for the covered commodity for the crop year, as determined by the Secretary. (B) FINAL PAYMENT.—The final payment for a covered commodity for a crop year shall be e q ual to the difference between— (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 D ELECTION OF ALTERNATIVE APPROAC H .— (1) AVAILABILITY OF AVERAGE 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 7USC8 7 15.Deadlin e s .
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