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The Farm Security and Rural Investment Act of 2002, also known as the 2002 Farm Bill, includes ten titles, addressing a great variety of issues related to agriculture, ecology, energy, trade, and nutrition. This act has been superseded by the 2007 U.S. Farm Bill.
The first farm bill of the new millennium was the Farm Security Act of 2002, which was signed into law on May 13, 2002. [23] Some of the bill's major changes in comparison to the 1996 bill include an alteration of the farm payment program and the introduction of counter-cyclical farm income support.
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The good-faith provisions, enacted in the 2002 farm bill (P.L. 107–171, Sec. 1613), allow the USDA to forgive a participant from the loss of commodity and conservation program benefits when it is determined that the participant either tried but failed to fully comply with program requirements, or relied on faulty (incorrect) advice from the USDA.
Biotechnology and Agricultural Trade Program — The 2002 farm bill (P.L. 107-171 Sec. 3204) authorizes appropriations of up to $6 million annually for technical assistance and public and private sector project grants to remove or mitigate significant foreign regulatory nontariff barriers to U.S. exports involving: agricultural commodities produced through biotechnology.
Also, provisions exist to treat spouses separately as persons. For covered commodities, the 2002 farm bill (P.L. 107-171, Sec. 1603) sets limits at $40,000 per person per fiscal year on fixed, decoupled direct payments, and $65,000 per person per year on counter-cyclical payments. Separately, peanuts have the same limits.
EQIP was reauthorized in the 2002 farm bill at $0.4 billion in mandatory spending in FY2002 and rising to $1.3 billion in FY2007. [2] The funding each year is to be divided, with 60% targeted to environmental concerns associated with livestock production and the remainder to crop production. Producers enter into contracts of 1 to 10 years.
The Rural Business Investment Program, established by the 2002 farm bill, (P.L. 107–171, Sec. 6029), guarantees the funds raised by companies that make equity investment in rural businesses, with an emphasis on smaller businesses.
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