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About: Agricultural Act of 1970     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:Legislation106535222, within Data Space : dbpedia.org associated with source document(s)

Type: Thingyago:Abstraction100002137yago:CivilLaw108453464yago:Collection107951464yago:Group100031264yago:Law108441203yago:Legislation106535222 New Facet based on Instances of this Class

In United States federal agriculture legislation, the Agricultural Act of 1970 (P.L. 91-524) initiated a significant change in commodity support policy. This 3-year farm bill replaced some of the more restrictive and mandatory features of previous law (acreage allotments, planting restrictions, and marketing quotas) with voluntary annual cropland set-asides and marketing certificate payments to achieve parity prices (the precursor to target prices and deficiency payments). For the first time, the law adopted an annual payment limitation per producer (set at $55,000 per crop). Among other things, the Act also amended and extended the authority of the Class I differential in federal milk marketing order areas.