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Lump Sum Sales of Remaining Payments Begin Jan. 23
Jump to full article: US Department of Agriculture (USDA), 2006-01-17
Intro: Agriculture Secretary Mike Johanns announced today that USDA will begin issuing more than $950 million in Tobacco Transition Payment Program (TTPP) payments to quota holders and producers. Also, quota holders and producers can enter into successor-in-interest contracts beginning Jan. 23, 2006 for subsequent payments which would enable them to receive lump-sum payments from private entities by selling the remaining eight TTPP payments.
"Approximately $1.9 billion in payments will have been paid to tobacco quota holders and producers when this second round of payments ends," said Johanns. "These funds are helping tobacco farmers transition to the free market and mark the end of the federal tobacco marketing program."
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