Tobacco Market Transition Act of 2002
Latest action · Jul 9, 2002 Referred to the Subcommittee on Specialty Crops and Foreign Agriculture Programs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 16, 2002
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Directs the Corporation to provide: (1) compensation (based upon pounds and base quota level) to eligible tobacco quota holders for loss of tobacco quota asset value; and (2) transition payments (based upon pounds and production base) to eligible active tobacco producers.
Directs the Secretary of Agriculture to forgive specified loans made to tobacco producer-owned cooperative marketing associations, and transfer related inventories to the Commodity Credit Corporation. Transfers related funds held in a No Net Cost Tobacco Fund or No Net Cost Tobacco Account to the Fund.
Directs the Corporation to consider transition payments for other persons involved in tobacco production and marketing.
Amends the Internal Revenue Code to treat: (1) tobacco quota holder compensation as long term capital gain; and (2) transition payments as ordinary income.
Establishes the Tobacco Production Control Corporation which shall: (1) be responsible for promulgating rules governing the production, marketing, importation, exportation, and consumer quality assurances for each kind of tobacco; (2) establish a system of tobacco production and marketing licensing (sets forth license provisions); (3) determine tobacco base price levels; and (4) conduct a program referendum if requested by a certain number of licensees.
Repeals the Tobacco Control Act and specified other agricultural provisions to terminate tobacco marketing quota and related programs.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from May 16, 2002 to Sep 26, 2002, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-VA | Rick Boucher | Original | May 16, 2002 |
| R-NC | Walter B. Jones | Original | May 16, 2002 |
| R-KY | Ron Lewis | Jun 25, 2002 | |
| D-TN | Bart Gordon | Jul 23, 2002 | |
| R-GA | Jack Kingston | Sep 26, 2002 |
Actions 3
Everything that happened, newest first.
- Jul 9, 2002Referred to the Subcommittee on Specialty Crops and Foreign Agriculture Programs.
- May 16, 2002Introduced in House
- May 16, 2002Referred to the Committee on Agriculture, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Agriculture and Food.
- Acreage allotments
- Agricultural cooperatives
- Agricultural credit
- Agricultural price supports
- Agricultural prices
- Agricultural subsidies
- Agriculture and Food
- Agriculture in foreign trade
- Business income tax
- Capital gains tax
- Commerce
- Compensation (Law)
- Crop insurance
- Economics and Public Finance
- Executive reorganization
- Farm income
- Farm production quotas
- Federal incorporation
- Finance and Financial Sector
- Fines (Penalties)
- Foreign Trade and International Finance
- Government corporations
- Government Operations and Politics
- Government trust funds
- Imports
- Income tax
- Law
- Licenses
- Liens
- Marketing of farm produce
- Marketing orders
- Quality of products
- Referendum
- Tax rates
- Taxation
- Tobacco
- Tobacco industry
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
