To amend the Food Security Act of 1985 to restore integrity to and strengthen payment limitation rules for commodity payments and benefits.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Rural America Preservation Act of 2012''.
SEC. 2. PAYMENT LIMITATIONS.
Section 1001 of the Food Security of 1985 (7 U.S.C. 1308) is amended-- (1) in subsection (a), by striking paragraph (3) and inserting the following: ``(3) Legal entity.-- ``(A) In general.--The term `legal entity' means-- ``(i) an organization that (subject to the requirements of this section and section 1001A) is eligible to receive a payment under a provision of law referred to in subsection (b), (c), or (d); ``(ii) a corporation, joint stock company, association, limited partnership, limited liability company, limited liability partnership, charitable organization, estate, irrevocable trust, grantor of a revocable trust, or other similar entity (as determined by the Secretary); and ``(iii) an organization that is participating in a farming operation as a partner in a general partnership or as a participant in a joint venture. ``(B) Exclusion.--The term `legal entity' does not include a general partnership or joint venture.''; (2) by striking subsections (b) through (d) and inserting the following: ``(b) Limitation on Payments for Covered Commodities.--The total amount of payments received, directly or indirectly, by a person or legal entity for any crop year for 1 or more covered commodities (except for peanuts)...