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.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Supporting Innovation in Agriculture Act of 2024
USA118th CongressHR-9263| House
| Updated: 8/2/2024
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.