Cotton growers can begin enrolling for the Cotton Transition Assistance Program (CTAP) on August 11, according to an announcement released by the U.S. Department of Agriculture (USDA) Farm Service Agency. Program enrollment ends October 7.
The program, created by the 2014 Farm Bill, provides interim payments to cotton producers during the 2014 crop year until the Stacked Income Protection Plan, a new insurance product also created by the legislation, is available. Details on the plan will be released by mid-August.
“The Cotton Transition Assistance Program is another milestone in USDA’s ambitious timeline for implementing the provisions of the 2014 Farm Bill,” said Farm Service Agency Administrator Juan M. Garcia. “Cotton producers now have a risk management tool in place.”
“To help us provide the best service possible, cotton producers are encouraged to schedule an appointment with their local Farm Service Agency office early in this enrollment period,” he added.
CTAP applications approved before October 1 are subject to congressionally-mandated automatic reductions of 7.2 percent for the 2014 crop year. Applications approved after October 1 will be reduced the required 7.3 percent for the 2015 crop year. The Budget Control Act of 2011 requires USDA to implement these reductions to program payments.
Additional information about CTAP is available online and at local FSA offices.
Source – USDA