03/31/05 — Tobacco buyout meeting April 14

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Tobacco buyout meeting April 14

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Published in News on March 31, 2005 1:47 PM

The Duplin County Cooperative Extension Service will hold a tobacco buyout informational meeting for quota holders and farmers at 2 p.m. and again at 7 p.m. on Thursday, April 14, in the Monk Auditorium at James Sprunt Community College in Kenansville.

The Tobacco Transition Payment Program, or TTPP, is also known as the "Tobacco Buyout Program."

The sign-up period for eligible quota holders and producers started on March 14 this year and continues through June 17.

Duplin County Farm Service Agency representatives and Duplin County Cooperative Extension representatives will address a number of topics at the meeting including an overview of the buyout, FSA sign-up information, questions to ask before investing, family considerations before investing, lump-sum payments and tax implications of the buyout.

People interested in attending the meetings are asked to pre-register by calling the Duplin County Extension Center at 910-296-2143.

Officials said that because of limited seating, more than two meetings may be held if there is enough interest.

Similar meetings have been held in Wayne and other counties across the state.

The federal government has discontinued the tobacco price support program and is offering to pay farmers and tobacco quota holders the rights they are losing.

Quota holders are eligible for a $7 per pound payment and growers are eligible for a $3 per pound payment.

Payments are expected to be spread over 10 years.