Sec. 1101. DEFINITION OF EFFECTIVE REFERENCE PRICE
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## SEC. 1101 DEFINITION OF EFFECTIVE REFERENCE PRICE Section 1111 of the Agricultural Act of 2014 (7 U.S.C. 9011) is amended— ####
(1)by redesignating paragraphs
(8)through
(25)as paragraphs
(9)through (26), respectively; and ####
(2)by inserting after paragraph
(7)the following: > > #### “(8) Effective reference price > > The term ‘effective reference price’, with respect to a covered commodity for a crop year, means the lesser of the following: > > > ##### “(A) > > An amount equal to 115 percent of the reference price for such covered commodity. > > > ##### “(B) > > An amount equal to the greater of— > > > ###### “(i) > > the reference price for such covered commodity; or > > > ###### “(ii) > > 85 percent of the average of the marketing year average price of the covered commodity for the most recent 5 crop years, excluding each of the crop years with the highest and lowest marketing year average price.” > .
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Sec. 1101
DEFINITION OF EFFECTIVE REFERENCE PRICE
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