Supporting Innovation in Agriculture Act of 2024
The source supplies the latest action, but no lifecycle stage.
Latest action (2 Aug 2024): Referred to the House Committee on Ways and Means.
What this bill does
The Supporting Innovation in Agriculture Act of 2024 proposes establishing a new federal tax credit for investments in innovative agricultural technology projects. This credit would amount to 30% of the qualified investment. An innovative agricultural technology project is defined as a system or technology used for producing, storing, processing, and packaging specialty crops. These projects must primarily utilize precision agriculture or controlled environment agriculture techniques and be placed in service before December 31, 2035.
This bill would affect businesses involved in specialty crop production that invest in specific advanced agricultural technologies. The credit is intended to incentivize the adoption of systems that manage crop inputs precisely or operate within controlled indoor environments. The bill also includes provisions allowing for elective payment and transferability of the credit, potentially enabling entities that don't owe significant taxes to benefit from or transfer the credit value.
As of August 2, 2024, H.R. 9263 has been introduced in the House of Representatives by Representative Mike Kelly and referred to the Committee on Ways and Means. The bill's next steps would involve committee review, and if approved, it would proceed to the House floor for a vote. If passed by the House, it would then move to the Senate for consideration.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Supporting Innovation in Agriculture Act of 2024
This bill establishes a new tax credit for investment in any innovative agricultural technology project. The amount of the credit is 30% of such investment.
The bill defines innovative agricultural technology project as an agricultural technology or system placed in service before December 31, 2035, and for which the primary purpose is to produce, store, process, and package specialty crops using precision agriculture or controlled environment agriculture.
Timeline
2 Aug 2024
Referred to the House Committee on Ways and Means.
Common questions
- What does H.R. 9263 do?
- The Supporting Innovation in Agriculture Act of 2024 proposes establishing a new federal tax credit for investments in innovative agricultural technology projects. This credit would amount to 30% of the qualified investment. An innovative agricultural technology project is defined as a system or technology used for producing, storing, processing, and packaging specialty crops. These projects must primarily utilize precision agriculture or controlled environment agriculture techniques and be placed in service before December 31, 2035. This bill would affect businesses involved in specialty crop production that invest in specific advanced agricultural technologies. The credit is intended to incentivize the adoption of systems that manage crop inputs precisely or operate within controlled indoor environments. The bill also includes provisions allowing for elective payment and transferability of the credit, potentially enabling entities that don't owe significant taxes to benefit from or transfer the credit value. As of August 2, 2024, H.R. 9263 has been introduced in the House of Representatives by Representative Mike Kelly and referred to the Committee on Ways and Means. The bill's next steps would involve committee review, and if approved, it would proceed to the House floor for a vote. If passed by the House, it would then move to the Senate for consideration.
- Has H.R. 9263 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 9263. Check the latest action and official source below.
- Who sponsored H.R. 9263?
- H.R. 9263 was sponsored by Rep. Kelly, Mike [R-PA-16] (R-PA), with 9 cosponsors.
- What's the latest action on H.R. 9263?
- Referred to the House Committee on Ways and Means. (2 Aug 2024).
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More bills from Rep. Kelly, Mike [R-PA-16]
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