Definition of Advance deficiency payments

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TeachMeFinance.com - explain Advance deficiency payments



Advance deficiency payments

The term 'Advance deficiency payments ' as it applies to the area of agriculture can be defined as ' Initial payments (ranging from 30 to 50% of the total payment) made to crop producers when they signed up for federal commodity programs. If the total deficiency payment was eventually calculated to be less than the advance deficiency payment, the producer was required to refund the difference. The FAIR Act of 1996 replaces the target price/deficiency payment subsidy mechanism with production flexibility contract payments'.

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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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