The PRECISE Act aims to significantly boost the adoption of precision agriculture practices and technology among farmers and rural entities by integrating these methods into existing federal support programs. It amends several key agricultural statutes, including the Consolidated Farm and Rural Development Act and the Food Security Act of 1985. The bill provides comprehensive definitions for both "precision agriculture" and "precision agriculture technology," outlining their purpose to improve efficiencies, reduce waste, and maintain environmental quality through granular input management. The legislation expands the eligibility for the Conservation Loan and Loan Guarantee Program and assistance to rural entities to explicitly cover the acquisition and implementation of precision agriculture technology. This allows farmers to access financial support for investing in tools like GPS-based mapping, satellite imagery, yield monitors, and variable rate technology. The goal is to promote best practices, reduce operational costs, and enhance environmental stewardship. The bill significantly modifies the Environmental Quality Incentives Program (EQIP) to encourage precision agriculture, allowing producers to receive both EQIP payments and conservation loans for the same practices. It also authorizes increased EQIP payments, up to 90% of costs, for adopting precision agriculture practices and acquiring related technology for conservation purposes. Additionally, the legislation incorporates precision agriculture conservation activities into the Conservation Stewardship Program (CSP) and emphasizes third-party technical assistance for these practices.