Tax Credit for Buying American Agricultural Products
This act introduces a new tax credit for businesses that purchase and use American agricultural products for food production. This aims to encourage companies to support domestic farmers, which could impact the availability and prices of food products in stores. The goal is to strengthen American agriculture and reduce reliance on imports.
Key points
Food-producing businesses in the U.S. can receive a tax credit for purchasing American agricultural products.
The credit amount depends on the percentage of domestic agricultural products used in production, with a cap of $100 million.
To qualify, businesses must meet a minimum threshold for domestic product usage, which will gradually increase.
The U.S. Department of Agriculture will create a list of agricultural commodities that cannot be feasibly produced domestically, which will be exempt from the domestic origin requirement.
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