Donny Green, County Executive Director of the Cannon County Farm Service Agency, announces that annual payments for the Tobacco Transition Payment Program, for the 2011 payment year, were released last week.
Cannon County quota holders and producers will receive $103,716 in 2011 program year payments. Green says that direct deposit transactions should arrive in bank accounts within 3 business days while mailed checks should arrive within 10 business days for quota holders and producers who have enrolled in the program.
The Tobacco Transition Payment Program (TTPP), also called the "tobacco buy-out," helps tobacco quota holders and producers transition to the free market.
The Fair and Equitable Tobacco Reform Act of 2004 (P.L. 108-357), signed by President Bush on Oct. 22, 2004, ended the Depression-era tobacco quota program and established the TTPP. The program provides annual transitional payments for 10 years to eligible tobacco quota holders and producers.
Payments began in 2005 and will continue through 2014. Payments are funded through assessments of approximately $10 billion on tobacco product manufacturers and importers. The remaining payments will be made in 3 annual installments that will be issued in January of each year.
For more information on the Tobacco Transition Payment Program, please contact the Cannon County Farm Service Agency at 615-563-4321, extension 2.