Producers are reminded that sign-up for the Cotton Transition Assistance Program (CTAP) is underway at county Farm Service Agency offices. The deadline for application is Oct. 7, '14.
The CTAP payment rate equals 5.4 cents per pound times the direct payment yield times the '13 upland cotton base on a farm. The payment is subject to a 7.2% sequestration rate if applied for prior to Oct. 1 and 7.3% sequestration rate on or after Oct. 1. If there has been a change in the producer shares of the upland cotton base in '14, a succession of interest application must be filed. As a reminder, the CTAP payment is subject to a separate $40,000 payment limit per person or legal entity.
Further details of CTAP and general provisions for ARC and PLC programs are contained in Federal Register notice 7 CFR Part 1412, available at http://www.cotton.org/issues/2014/upload/14finalregpublic.pdf.