Bipartisan Bill Proposes Tax Benefits for Investments in Innovative Agtech

credit: eattilapia

A bipartisan bill in the House would give farmers a 30% tax credit for investments in new agricultural technologies.

The Supporting Innovation in Agriculture Act, introduced by Reps.

Mike Kelly, R- Minn., and Bennie Thompson, D-Miss., would also give tax credits for investments in "precision agriculture" and "controlled environmental agriculture," Politico reports.

"The Supporting Innovation in Agriculture Act 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," Kelly says in a press release.

According to the bill, supply chain disruptions, extreme weather, pests and disease, labor shortages, and inflationary pressures are threatening farmers, but the bill would help offset those costs by providing tax incentives for investments in agricultural technology.

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