US: Final Tobacco Buyout Payment Scheduled

Source from:  TriCities.com 10/28/2013

The Tobacco Transition Payment Program, also called the "tobacco buy-out," helps tobacco quota holders and producers transition to the free market. The final TTPP payment is scheduled to be issued in January 2014.

The Fair and Equitable Tobacco Reform Act of 2004 (P.L. 108-357), signed by President Bush on Oct. 22, 2004, ended the Depression-era tobacco quota program and established the TTPP. The program provides annual transitional payments for 10 years to eligible tobacco quota holders and producers. Payments began in 2005 and continue through 2014.

Nov. 1, is the signup deadline for quota holders and producers to receive 2014 payments. Enrollment must be completed at the Farm Service Agency (FSA) county office where the contract holder's or producer's farm records are maintained.

Existing contract holders are reminded they may transfer their contract. Contracts may be transferred to a family member including a parent, grandparent or other direct lineal ancestor; child or other direct lineal descendent; spouse; or sibling.

If the contract holder is deceased, the contract can be transferred to the surviving spouse. If there is no surviving spouse, the TTPP contract can be transferred to the estate by any person allowed under state law to distribute the assets of the deceased. Enditem