12 2 STA T . 1 73 1 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 enti t y( e xc e p t ajo int v ent ur eora g enera l partner sh ip )f or any crop year un d er su b title A of title I of the F ood ,C onserva - tion, and E nergy Act of 20 0 8 for 1 or m ore covered commodities (except 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 110 5 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) C OUNTER - CY C LI C A L P AY M ENT S .—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 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, $40,000; 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 equal 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
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