The Agricultural Retailers Association (ARA) applauded Representative Ron Lewis (R-KY) for introducing the House version of the Agricultural Business Security Tax Credit Act (HR 1814) this past week. This legislation would provide agricultural retailers, distributors and other eligible agricultural businesses with the necessary financial resources to improve overall security at their ag chemical storage facilities. "Agricultural retailers and distributors face onerous security regulations daily, which adds to the costs of doing business," said Jack Eberspacher, ARA President and CEO. HR 1814 is a fiscally responsible proposal that would help eligible agricultural businesses to partially offset considerable 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. ARA is working with CropLife America, The Fertilizer Institute and several other organizations to secure passage of this important legislation.
Reprinted from Asmark Risk Management Newsletter