12 2 STA T .946PUBLIC LA W 11 0– 2 3 4 —M A Y 22 , 200 8(i i ) i nformat ion r eg ar d ing t h e manner in w hi c h the e l ection m us t b e made and the time p eriods and manner in which notice of the election must be sub - mitted to the S ecretar y. ( 4 ) ELECTIOND E A DLINE. —W ithin the time period and in the manner prescribed pursuant to paragraph ( 3 ) , all of the producers on a farm shall submit to the Secretary notice of an election made under paragraph ( 1 ). ( 5 )E F FECT OF FAIL UR ETO M A K E ELECTION.— I fallofthe producers on a farm fail to ma k e an election under paragraph (1), make different elections under paragraph (1), or fail to timely notify the Secretary of the election made, as re q uired by paragraph (4), all of the producers on the farm shall be deemed to ha v e made the election to receive counter-cyclical payments under section 11 0 4 or 1304 for all covered commod- ities and peanuts on the farm, and to otherwise not have made the election described in paragraph (1), for the applicable crop years. (b) P A Y MENT SR E Q UIRED.— (1) IN G ENERAL.—In the case of producers on a farm who make an election under subsection (a) to receive AC RE pay- ments for any of the 2 00 9 through 2012 crop years for all covered commodities and peanuts, the Secretary shall make ACRE payments available to the producers on a farm in accord- ance with this subsection. (2) ACRE P AYMENT.— (A) IN GENERAL.—Sub j ect to paragraph (3), in the case of producers on a farm described in paragraph (1), the Secretary shall make ACRE payments available to the producers on a farm for each crop year if— (i) the actual State revenue for the crop year for the covered commodity or peanuts in the State deter- mined under subsection (c)
is less than (ii) the ACRE program guarantee for the crop year for the covered commodity or peanuts in the State determined under subsection (d). ( B ) INDI V IDUAL LOSS.— T he Secretary shall make ACRE payments available to the producers on a farm in a State for a crop year only if (as determined by the Secretary)— (i) the actual farm revenue for the crop year for the covered commodity or peanuts, as determined under subsection (e); is less than (ii) the farm ACRE benchmark revenue for the crop year for the covered commodity or peanuts, as determined under subsection (f). (3) TIME FOR PAYMENTS.—In the case of each of the 2009 through 2012 crop years, the Secretary shall make ACRE pay- ments beginning O ctober 1, or as soon as practicable thereafter, after the end of the applicable marketing year for the covered commodity or peanuts. (c) ACTUAL STATE REVENUE.— (1) IN GENERAL.— F or purposes of subsection (b)(2)(A), the amount of the actual State revenue for a crop year of a covered commodity or peanuts shall equal the product obtained by multiplying— Notice.
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