“To amend the Internal Revenue Code of 1986 to establish a credit for investments in innovative agricultural technology.”
No CRS summary available for this bill.
This section establishes a new general business tax credit under new IRC §48F equal to 30% of the basis of qualified property placed in service before December 31, 2035, as part of an innovative agricultural technology project primarily for producing, storing, processing, or packaging specialty crops using precision agriculture (i.e., on-farm technologies to manage inputs, pests, harvest, and water more efficiently) or controlled environment agriculture (i.e., indoor systems with controlled inputs using technologies such as lighting, irrigation, sensors, software, robotics, and automation). Qualified property includes new depreciable tangible personal property (e.g., equipment, systems) or software integral to such projects. The credit is unavailable for property or improvements funded by grants under the Rural Energy for America Program (7 U.S.C. 8107(c)) or payments under the Environmental Quality Incentives Program (EQIP, 16 U.S.C. 3839aa et seq.). (Thus, the provision denies a double benefit for overlapping federal support.)