Ag Chem Security Credit expires on Dec. 31
This is a reminder to make sure ag retailers file the Agricultural Chemicals Security Credit form this quarter, before this credit expires next week on Dec. 31. Form 8931 distributed by the Internal Revenue Service (IRS) allows those individuals who are eligible to receive a 30 percent tax credit on any investments made towards facility security.
The Agricultural Retailers Association continues to advocate daily for the extension of this credit but given the uncertainty of what Congress will decide, it is best to utilize this credit now, ARA suggested to its membership with this announcement.
Who is eligible?
The law defines an eligible agricultural business as any retailer of fertilizer or ag chemical to farmers and ranchers and those that manufacture, formulate, distribute, or aerially apply fertilizer and/or ag chemicals.
What are the tax credit limits?
The potential credit amount is 30% of the investment made in facility security. This has a limit of $100,000 per facility up to $2,000,000 annually per company.
What are "qualified chemical security expenditures"?
- Employee security training and background check
- Limitation and prevention of access to controls of specified agricultural chemicals stored at a facility
- Tagging, locking tank valves, and chemical additives to prevent the theft of specified agricultural chemicals or to render such chemicals unfit for illegal use
- Protection of the perimeter of specified agricultural chemicals
- Installation of security lighting, cameras, recording equipment and intrusion detection sensors
- Implementation of measures to increase computer or computer network security
- Conducting security vulnerability assessments
- Implementing a site security plan
- Other measures provided for by regulation
Please do not miss out on the opportunity to help your company maximize their security investment before the credit expires!
The 8931 form for the Agricultural Chemicals Security Credit from the IRS can be found here and if you have any questions please contact, Jeff Sands, ARA Director of Public Policy, at either firstname.lastname@example.org or 202-595-1705.
Self-contained hydraulic system with power cables (hydraulic). Tandem Henschen axles (hydraulic). Hydraulic fenders. Manual or hydraulic tilt. 6,500-gallon tank.
- Dry weather, biofuel mandate to boost palm prices in 2014
- 2014 Farm Bill: Reallocating base acreage
- FAS administrator talks world ag export situation
- The Beige Book is out. The agriculture picture is not rosy
- New precision potassium fertilizer from AgroLiquid
- Ag markets ended the week in decidedly mixed fashion
- Are you in favor of a federal labeling standard for food that might contain genetically modified ingredients?
- Commentary: Barking up the wrong tree
- Water allocation for most drought-stricken Calif. farms to end
- Larson Electronics offers 150 Watt LED high bay light fixture
- Growth Points: Big data is about to get even bigger
- Update on the world’s 15 largest seed banks
Vertical Floor Blenders