WASHINGTON, D.C.—February 10, 2005 – U.S. Representative Ron Lewis (KY-02) today introduced The Agricultural Business Security Tax Credit Act (HR 713), legislation that will provide tax incentives for agricultural businesses to enhance security at locations where agricultural chemicals and fertilizers are manufactured and stored
Farm-use chemical production is unique in its use, distribution and security needs. Pesticides and fertilizers, while important to farmers and agricultural businesses, can also be used as agents for manufacturing illegal drugs such as methamphetamine. Some chemicals can even be used to develop explosive devises, making these sites a potential target for foreign and domestic terrorists.
HR 713, a modified version of Lewis’ original bill introduced in the 108th Congress, will enable agribusinesses to use their own financial resources to enhance security, offsetting these necessary expenses by providing a modest tax credit equivalent to 50% of the aggregate amount paid on implementing security measures, up to $100,000 per facility.
“This bill will enable agricultural businesses who handle chemical and fertilizers to use their own financial resources to take necessary steps to better protect U.S agriculture and the American public from the potential threat of terrorism and other illegal activity,” said Lewis. “This tax credit will help to defray the high costs small and medium-sized agricultural businesses now face enhancing on-site security.”
The Agricultural Business Security Tax Credit Act has the support of the Agricultural Retailers Association (ARA) and the Chemical Producers and Distributors Association.
"American agricultural business owners take the responsibility of securing their retail facilities very seriously,” said Allen Summers, President of Asmark Inc. and ARA board member. On behalf of all retailers I applaud Congressman Lewis for sponsoring this bill and demonstrating his dedication to the agriculture industry. The bill will provide the means for dedicated businesses to continue to implement new and improved security measures."
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