Tobacco Market Transition Act

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R GoodeSponsor

2 cosponsors · 2 R

R Jones RL

R Lewis

2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Tobacco Market Transition Act - Establishes in the Treasury the Tobacco Community Revitalization Trust Fund, which shall be administered by the Tobacco Production Control Corporation (Corporation).

What it does: CRS summary · Introduced in House · Feb 27, 2003

Tobacco Market Transition Act - Establishes in the Treasury the Tobacco Community Revitalization Trust Fund, which shall be administered by the Tobacco Production Control Corporation (Corporation). States that amounts shall be used for program expenses and to compensate tobacco producers and quota holders for costs related to the changeover from the current tobacco program to the program provided for by this Act.

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Tobacco Market Transition Act

Latest action (Mar 11, 2003): Referred to the Subcommittee on Specialty Crops and Foreign Agriculture Programs.

Policy area: Agriculture and Food · Origin: House · Introduced: Feb 27, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.