30% Tax Credit for Innovative Specialty Crop Agricultural Technology.
This bill establishes a new 30% tax credit for farmers and businesses investing in advanced technology used for producing, storing, and processing specialty crops (like fruits and vegetables). The goal is to accelerate the adoption of modern farming methods, such as precision agriculture and controlled environment systems (indoor farms). This credit can be claimed as a direct cash payment, making it easier for agricultural businesses to finance expensive, innovative equipment.
Key points
A 30% tax credit is available for investments in qualified property, including robotics, AI, sensors, and advanced climate control systems used in farming.
The credit specifically targets projects focused on specialty crops using precision agriculture or controlled environment agriculture (CEA).
Investors can opt to receive the credit as a direct cash payment from the government, rather than just a reduction in tax liability.
Introduced
Additional Information
Print number: 119_HR_1705
Sponsor: Rep. Kelly, Mike [R-PA-16]
Process start date: 2025-02-27