Security tax credit bill introduced in House

Washington, D.C.-Rep. Ron Lewis (R-Ky.) on March 29 introduced the House version of the Agricultural Business Security Tax Credit Act (HR.1814), which would help eligible agricultural businesses to partially offset security costs by providing a tax credit equivalent to 30 percent of the total amount paid on implementing qualified security measures. The legislation provides for up to $100,000 in security tax credits per facility, with an overall company cap of $2 million per year. “Agricultural retailers and distributors face onerous security regulations daily, which adds to the costs of doing business,” said Jack Eberspacher, president and CEO of the Agricultural Retailers Association, which helped initiate the bill. “In addition, our members are being adversely impacted by high fuel, fertilizer and transportation costs, requiring significant amounts of working capital. This legislation helps the ag retail and distribution industry to protect pesticides and fertilizers from the threat of theft by terrorists, drug dealers and other criminals.” ARA said it is working the Chemical Producers and Distributors Association, CropLife America, The Fertilizer Institute, the National Agricultural Aviation Association, and the Agricultural Food and Transporters Conference of the American Trucking Associations to secure the bill’s passage.