Federal Timber Contract Payment Modification Act

[AI summary unavailable — showing source text] Federal Timber Contract Payment Modification Act - Authorizes requesting purchasers of Federal timber to buy out pre-1982 and specified reformed contracts held with the Secretary of Agriculture or the Secretary of the Interior. Permits a buy-out of: (1) up to 55 percent of a contract's volume, with a maximum of 200,000,000 board feet, for purchasers holding more than 27,300,000 board feet of timber in qualifying contracts; or (2) up to 15,000,000 board feet or one contract (whichever is greater) for purchasers holding 27,000,000 or less board feet of timber in qualifying contracts. Bases purchaser cost on net worth and projected contract losses. States that amounts collected from buy-outs shall be available for timber management appropriation. Limits FY 1984 Forest Service region six timber sales to 4,300,000,000 board feet. States that beginning in FY 1985 and continuing until completion of specified 1983 contract extensions (but at least through FY 1991) such region's timber sales shall be adjusted to specified levels. Treats affiliated concerns as a single entity for purposes of calculating net worth and buy-out limitations.…