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Loan program for farmers to adopt precision agriculture technology and sustainable practices.

This Act establishes a new loan program to help farmers and ranchers purchase precision agriculture technology, aiming to boost efficiency and reduce waste. The goal is to encourage sustainable practices, such as lower water and fertilizer use, which benefits both the environment and the financial stability of producers. Citizens benefit from more sustainable food production methods.
Key points
New Loan Program: Farmers and ranchers can access funds specifically for buying precision agriculture technology, including GPS systems, sensors, and data management software.
Loan Details: The maximum loan amount is set at $500,000, with a maximum repayment term of 12 years.
Efficiency and Environmental Benefits: The technology is intended to help producers use less water, reduce soil erosion, mitigate greenhouse gas emissions, and improve overall yields.
Eligibility Requirements: Applicants must have a satisfactory credit history, demonstrate the ability to repay the loan, and provide security (like a lien on the purchased equipment).
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Additional Information
Print number: 118_S_719
Sponsor: Sen. Fischer, Deb [R-NE]
Process start date: 2023-03-08
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Precision Agriculture Loan Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_719.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-08.

What are the main provisions?

Key points include:

  • New Loan Program: Farmers and ranchers can access funds specifically for buying precision agriculture technology, including GPS systems, sensors, and data management software.
  • Loan Details: The maximum loan amount is set at $500,000, with a maximum repayment term of 12 years.
  • Efficiency and Environmental Benefits: The technology is intended to help producers use less water, reduce soil erosion, mitigate greenhouse gas emissions, and improve overall yields.
  • Eligibility Requirements: Applicants must have a satisfactory credit history, demonstrate the ability to repay the loan, and provide security (like a lien on the purchased equipment).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Fischer, Deb [R-NE].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Agriculture Environment Economy