To amend the Internal Revenue Code of 1986 to dedicate revenues from recent tobacco tax increases for use in buying out tobacco quota.
Summary
Appropriates to such Fund amounts equivalent to the taxes received under chapter 52 (relating to cigars, cigarettes, smokeless tobacco, pipe tobacco, and cigarette papers and tubes) to the extent such amounts exceed the amounts that would have been received under the rates of tax that applied for 1999.
Makes amounts available from the Fund to carry out a program established by the Secretary of Agriculture to buyout tobacco quota and to study the future of growing tobacco in the United States.
Expresses the sense of Congress that there should be an advisory committee to advise the Secretary of Agriculture as to how the Federal Government plans to address tobacco growing in the future and how the future can be more predictable and stable for tobacco growing.
