JENKINS ANNOUNCES PROGRESS ON TOBACCO BUYOUT BILL

Jenkins’ legislation to be included in tax legislation scheduled for consideration

WASHINGTON - A bipartisan coalition of Members from tobacco-growing states led by Reps. Bill Jenkins, Mike McIntyre, Ron Lewis, Jack Kingston, Richard Burr, and Virgil Goode, working with House Ways and Means Committee Chairman Bill Thomas, are pleased to announce an agreement to include tobacco reform legislation in the updated version of the Foreign Sales Corporation/Extraterritorial Income (FSC/ETI) bill.  This proposal restores hope to hundreds of thousands of farmers and quota owners nationwide who face increasing financial challenges due to the outdated federal program.  

The tobacco reform portion of the bill is based on the Fair and Equitable Tobacco Reform Act, H.R. 4033, introduced by Reps. Jenkins and McIntyre and cosponsored by a bipartisan group of 40 additional Members of Congress.  The reform package provides $9.6 billion in compensation to quota holders and tobacco growers over 5 years.  It will also put an end to the last remaining depression-era program and introduce free market reforms to tobacco farming.

 The FSC/ETI bill is scheduled for full committee markup on Thursday, June 10.

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