Bill > HR1705

This bill establishes a new tax credit to encourage investment in innovative agricultural technology, specifically providing a 30% tax credit for investments in projects focused on producing, storing, processing, and packaging specialty crops using precision agriculture or controlled environment agriculture technologies before December 31, 2035. The bill defines precision agriculture as technologies that help manage crop production inputs more efficiently, such as using GPS mapping, satellite imagery, yield monitors, and advanced software systems that can reduce resource usage and improve agricultural productivity. Controlled environment agriculture is described as indoor, closed agricultural production systems where environmental conditions can be precisely controlled, including technologies like specialized lighting, irrigation systems, climate control, robotics, and data management software. Eligible investments can include tangible personal property, equipment, systems, software, and other technologies that directly contribute to more efficient agricultural production. The bill also allows taxpayers to elect to receive the credit as a direct payment and permits the transfer of the credit to other entities. By providing significant financial incentives, the bill aims to support technological innovation in the agricultural sector and promote more sustainable and efficient farming practices.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1705/all-info