Business / Agriculture / Optional Flex Acreage: Under the planting flexibility provision of the Agricultural Act of 1949, as amended by the FACT Act of 1990, producers could choose to plant up to 25% of the crop acreage base to other CCC-specified crops (except fruits and vegetables) without a reduction in crop acreage bases on the farm, but receive no deficiency payments on this acreage. The Omnibus Budget Reconciliation Act of 1990 further amended the 1949 Act to make a 15% reduction in payment acreage mandatory. The remaining 10% was optional flex acreage. Optional flex acreage was eligible for deficiency payments when planted to the program crop. Optional flex acres no longer exist under the FAIR Act of 1996.
Flex Noun Synonyms: wire, lead, cord, cable, extension
Flex Verb Synonyms: bend, give, stretch, curve
Optional Noun Synonyms: voluntary, discretionary or discretional, elective, facultative, free, spontaneous, uncoerced, unforced, non-compulsory, uncompulsory, non-mandatory, unmandatory, non-requisite, unrequisite
Business / Agriculture / Base (Or Contract) Acreage: A farm’s crop-specific acreage of wheat, feed grains, upland cotton, or rice eligible to enroll in commodity programs under previous legislation, and subsequently eligible for production flexibility MORE
Business / Finance / Optional Payment Bond: A bond whose principal and/or interest may be paid in foreign or domestic currency at the discretion of the bondholder. MORE