PAYMENT LIMITATIONS.

SEC. 115. PAYMENT LIMITATIONS. (a) Applicability of Payment Limitations.— Sections 1001 through 1001C of the Food Security Act of 1985 (7 U.S.C. 1308 through 1308–3), as amended by this section, shall be applicable to contract payments made under this subtitle. (b) Payment Limitations.— Section 1001 of the Food Security Act of 1985 (7 U.S.C. 1308) is amended by striking paragraphs (1) through (4) and inserting the following: “(1) Limitation on payments under production flexibility contracts.— The total amount of contract payments made under the Agricultural Market Transition Act to a person under 1 or more production flexibility contracts during any fiscal year may not exceed $40,000. “(2) Limitation on marketing loan gains and loan deficiency payments.— The total amount of the payments specified in paragraph (3) that a person shall be entitled to receive under the Agricultural Market Transition Act for 1 or more contract commodities and oilseeds during any crop year may not exceed $75,000. “(3) Description of payments subject to limitation.— The payments referred to in paragraph (2) are the following: “(A) Any gain realized by a producer from repaying a marketing assistance loan under section 131 of the Agricultural Market Transition Act for a crop of any loan commodity at a lower level than the original loan rate established for the loan commodity under section 132 of the Act. “(B) Any loan deficiency payment received for a loan commodity under section 135 of the Act. “(4) Definitions.— In this title, the terms ‘contract commodity’, ‘contract payment’, ‘loan commodity’, ‘oilseed’, and ‘production flexibility contract’ have the meaning given those 110 STAT. 903terms in section 102 of the Agricultural Market Transition Act.”. (c) Conforming Amendments.— (1) Section 1001A of the Food Security Act of 1985 (7 U.S.C. 1308–1) is amended— (A) in subsection (a)(1), by striking “under the Agricultural Act of 1949 (7 U.S.C. 1421 et seq.)”; and (B) in subsection (b)(1), by striking “under the Agricultural Act of 1949”. (2) Section 1001C(a) of the Act (7 U.S.C. 1308–3(a)) is amended— (A) by striking “For each of the 1991 through 1997 crops, any” and inserting “Any”; (B) by striking “production adjustment payments, price support program loans, payments, or benefits made available under the Agricultural Act of 1949 (7 U.S.C. 1421 et seq.),” and inserting “loans or payments made available under the Agricultural Market Transition Act,”; and (C) by striking “during the 1989 through 1997 crop years”.