PAYMENT LIMITATIONS.

SEC. 1603. PAYMENT LIMITATIONS. (a) Limitation on Amounts Received.—Section 1001 of the Food Security Act of 1985 (7 U.S.C. 1308) is amended by striking the section heading, “Sec. 1001.”, and all that follows through the end of paragraph (4) and inserting the following: “SEC. 1001. PAYMENT LIMITATIONS. “(a) Definitions.—In this section: “(1) Covered commodity.—The term ‘covered commodity’ has the meaning given that term in section 1001 of the Farm Security and Rural Investment Act of 2002. “(2) Loan commodity.—The term ‘loan commodity’ has the meaning given that term in section 1001 of the Farm Security and Rural Investment Act of 2002, except that the term does not include wool, mohair, or honey. “(3) Secretary.—The term ‘Secretary’ means the Secretary of Agriculture. “(b) Limitation on Direct Payments.— “(1) Covered commodities.—The total amount of direct payments made to a person during any crop year under subtitle A of title I of the Farm Security and Rural Investment Act of 2002 for 1 or more covered commodities may not exceed $40,000. “(2) Peanuts.—The total amount of direct payments made to a person during any crop year under subtitle C of title I of the Farm Security and Rural Investment Act of 2002 may not exceed $40,000. “(c) Limitation on Counter-Cyclical Payments.— “(1) Covered commodities.—The total amount of countercyclical payments made to a person during any crop year under 116 STAT. 214 subtitle A of title I of the Farm Security and Rural Investment Act of 2002 for 1 or more covered commodities may not exceed $65,000. “(2) Peanuts.—The total amount of counter-cyclical payments made to a person during any crop year under subtitle C of title I of the Farm Security and Rural Investment Act of 2002 may not exceed $65,000. “(d) Limitation on Marketing Loan Gains and Loan Deficiency Payments.— “(1) Loan commodities.—The total amount of the following gains and payments that a person may receive during any crop year may not exceed $75,000: “(A) Any gain realized by a producer from repaying a marketing assistance loan for 1 or more loan commodities under subtitle B of title I of the Farm Security and Rural Investment Act of 2002 at a lower level than the original loan rate established for the loan commodity under that subtitle. “(B) Any loan deficiency payments received for 1 or more loan commodities under that subtitle. “(2) Other commodities.—The total amount of the following gains and payments that a person may receive during any crop year may not exceed $75,000: “(A) Any gain realized by a producer from repaying a marketing assistance loan for peanuts, wool, mohair, or honey under subtitle B or C of title I of the Farm Security and Rural Investment Act of 2002 at a lower level than the original loan rate established for the commodity under those subtitles. “(B) Any loan deficiency payments received for peanuts, wool, mohair, and honey under those subtitles.”. (b) Clerical and Conforming Amendments to Section 1001.—Section 1001 of the Food Security Act of 1985 (7 U.S.C. 1308) is amended— (1) in paragraph (5)— (A) by striking “(5)” and inserting “(e) Definition of Person.—” (B) by redesignating subparagraphs (A) through (E) as paragraphs (1) through (5), respectively; (C) in paragraph (1), as so redesignated— (i) by redesignating clauses (i) and (ii) as subparagraphs (A) and (B), respectively; and (ii) by striking the second sentence; and (D) in paragraph (2), as so redesignated— (i) by redesignating clause (i) as subparagraph (A) and, in such subparagraph (as so redesignated)— (I) by striking “subparagraph (A), subject to clause (ii)” and inserting “paragraph (1), subject to subparagraph (B)”; and (II) by redesignating subclauses (I), (II), and (III), as clauses (i), (ii), and (iii), respectively; (ii) by redesignating clause (ii) as subparagraph (B) and, in such subparagraph (as so redesignated), by redesignating subclauses (I), (II), and (III), as clauses (i), (ii), and (iii), respectively; and (iii) by redesignating clause (iii) as subparagraph (C) and, in such subparagraph (as so redesignated)—116 STAT. 215 (I) by striking “as described in paragraphs (1) and (2)” and inserting “as described in subsections (b), (c), and (d)”; and (II) by redesignating subclauses (I) and (II) as clauses (i) and (ii), respectively; (2) in paragraph (6), by striking “(6)” and inserting “(f) Public Schools.—”; and (3) in paragraph (7), by striking “(7)” and inserting “(g) Time Limits; Reliance.—”. (c) Conforming Amendments to Other laws.— (1) Section 1001A of the Food Security Act of 1985 (7 U.S.C. 1308-1) is amended— (A) in subsections (a)(1) and (B)(2)(B), by striking “section 1001(5)(B)(I)(II)” and inserting “section 1001(e)(2)(a)(ii)”; and (B) in subsections (a)(1) and (B)(D, by striking “section 1001(5)(B)(i)” and inserting “section 1001(e)(2)(A)”; and (2) Section 100 IB of the Food Security Act of 1985 (7 U.S.C. 1308-2) is amended by striking “as described in paragraphs (1) and (2)” and inserting “as described in subsections (b), (c), and (d)”. (3) Section 1001C(a) of the Food Security Act of 1985 (7 U.S.C. 1308-3(a)) is amended by inserting “title I of the Farm Security and Rural Investment Act of 2002,” after “made available under”. (d) Transition.—Section 1001 of the Food Security Act of 1985 (7 U.S.C. 1308), as in effect on the day before the date of the enactment of this Act, shall continue to apply with respect to the 2001 crop of any covered commodity.