TeachMeFinance.com - explain Agricultural Act of 1956
Agricultural Act of 1956 The term 'Agricultural Act of 1956' as it applies to the area of agriculture can be defined as 'P.L. 84-540 (May 28, 1956) created the Soil Bank Program (Title I of was called the Soil Bank Act), addressedthe disposal of CCC inventories of surplus stocks, contained commodity support program provisions, and forestry provisions. The Soil Bank Act authorized short- and long-term removal of land from production with annual rental payments to participants (Acreage Reserve Program and Conservation Reserve Program, respectively). The Acreage Reserve Program, for wheat, corn, rice, cotton, peanuts, and several types of tobacco, allowed producers to retire land on an annual basis in crop years 1956 through 1959 in return for payments. The Conservation Reserve Program allowed producers to retire cropland under contracts of 3, 5, or 10 years in return for annual payments. The Soil Bank Act was repealed by Section 601 of the Food and Agriculture Act of 1965. The Conservation Reserve portion of the Soil Bank was a model for the subsequent Conservation Reserve Program (CRP), enacted in 1985'.
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