Agtech seedlings: US lawmakers propose tax credits for agtech investments
- Coalition for Specialty Crop Innovation
- Oct 17, 2024
- 1 min read
Published Oct. 18, 2024
Lawmakers float 30% tax credit to accelerate agtech adoption on specialty crop farms
House lawmakers introduced a bill that would give specialty crop growers tax breaks to purchase high-tech equipment for their farms.
The “Supporting Innovation in Agriculture Act” would provide a 30% tax credit for farmers who invest in precision agriculture equipment to help produce, store, process or package their crops. The tax benefit would also apply to indoor farming projects, or controlled environment agriculture.
The legislation is meant to defray some of the high capital costs needed to pay for farm technology for fruit, vegetable and other specialty crop farmers. Lawmakers and industry advocates say the technology is needed to expand food production in the face of labor shortages and extreme weather conditions.
Rep. Mike Kelly, a Pennsylvania Republican and co-sponsor of the bill, said in a statement the bill “will allow for farmers and agricultural leaders to not only succeed today, but it will allow them to better utilize innovative technologies to allow producers to succeed for years to come.”
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