Bill > HR1707

This bill introduces a tax credit to incentivize businesses to purchase agricultural commodities produced in the United States. The credit is calculated as 25% of a company's total agricultural input costs, multiplied by the percentage of those inputs that are domestically sourced. The maximum credit is $100 million per year. To be eligible, businesses must gradually increase their use of domestically produced agricultural inputs, starting with a 50% threshold in 2026 and rising to 85% by 2033. The bill defines agricultural commodities broadly, including crops, fish, and products used in food production. Cooperative organizations can also elect to share the credit among their patrons. The credit is part of the general business credit and has special provisions for how it can be applied against a company's tax liability. The purpose of the bill is to encourage more domestic agricultural production and reduce reliance on foreign agricultural inputs by providing a financial incentive for businesses to source ingredients and raw materials from American farmers and producers.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1707/all-info