Enrollment began today, Aug. 11, and runs through Oct. 7, 2014 for the U.S. Department of Agriculture (USDA) Farm Service Agency’s (FSA) Cotton Transition Assistance Program (CTAP) to provide interim payments to cotton farmers during the 2014 crop year.
Cotton farmers now have this risk management tool in place until the Stacked Income Protection Plan (SIPP), a new insurance product created by legislation, is available. Details on the SIPP plan will be released by mid-August, according to the USDA.
CTAP applications approved before Oct. 1 are subject to congressionally mandated automatic reductions of 7.2 percent for the 2014 crop year. Applications approved after Oct. 1 will be reduced the required 7.3 percent for the 2015 crop year. The Budget Control Act of 2011 requires USDA to implement these reductions to program payments.
For more information about CTAP, visit a local FSA office or go online to www.fsa.usda.gov. Farmers are encouraged to schedule an appointment with their local FSA office early in this enrollment period.