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USDA Farm Service Agency announced today it will begin issuing more than $162 million in Tobacco Transition Payment Program (TTPP) payments to quota holders and producers in Kentucky. Payments for 2009 and subsequent year payments will be made every Jan. 15.
The Fair and Equitable Tobacco Reform Act of 2004 signed into law by President Bush in October 2004 established the Tobacco Transition Payment Program, which provides annual payments for 10 years from 2005 through 2014 to eligible tobacco quota holders and producers. The program provides 10 equal annual payments to quota holders and producers.
Approximately $4.7 billion will be paid to tobacco quota holders and producers with this fifth round of payments.
USDA does not make lump sum TTPP payments to quota holders and producers. However, quota holders and producers can enter into successor-in-interest contracts beginning January 15, 2009, which would enable them to receive lump-sum payments from private entities by selling the remaining five Tobacco Transition Payment Program Payments.
For more information on the Tobacco Transition Payment Program, visit http://www.fsa.usda.gov/tobacco/Default.htm on the USDA Farm Service Agency's Website.