On September 30th, U.S. Representatives Mike Kelly (R-PA), Mike Thompson (D-CA), Brad Wenstrup (R-OH), Dwight Evans (D-PA), David Valadao (R-CA), Jimmy Panetta (D-CA), Max Miller (R-OH), and Elissa Slotkin (D-MI) announced the introduction of H.R. 9263, the supporting Innovation in Agriculture Act. The bipartisan, legislation provides tax incentives to accelerate the deployment of innovative farming technologies for U.S. specialty crop producers.
This bill is supported by over 50 national and state organizations and trade associations including the International Fresh Produce Association, National Association of State Departments of Agriculture, FMI – The Food Industry Association, Agricultural Retailers Association, the CEA Alliance, and many more. To see the list as of today, click here.
The Bill states:
Our country's food supply has long been a bipartisan concern. Unfortunately, the resilience of our domestic fresh food supply is under threat by recent supply chain disruptions, more extreme weather and drought conditions, worsening pest and disease pressures, rising food imports and inflationary pressures, and the repercussions of labor shortages.
The use of innovative farming technologies can be a significant way of increasing the domestic production of fruits, vegetables, tree nuts, and other specialty crops while contributing to greater surety of supply, environmental conservation, and traceability throughout the supply chain. Unfortunately, existing farm programs are not always well suited to help many specialty crop producers address the high upfront capital costs associated with innovative farming technologies and systems. In addition, many specialty crop businesses do not have the tax liability to take advantage of existing tax incentives.
Specifically, H.R. 9263 would provide a 10-year investment tax credit to specialty crop growers to help defray a portion of the high capital costs associated with the deployment of precision agriculture technologies and controlled environment agriculture technologies. H.R. 9263 will ensure that producers can leverage the innovative tools they need to compete on the global stage while at the same time improving the resilience of our domestic fresh food supply chains.
Read the full Bill here.
Source: Representative Mike Kelly.