Source: ARA news release

With the April 15 federal tax deadline rapidly approaching, the Agricultural Retailers Association would reminds you that the ARA-initiated Ag Chemical Security Credit can save you up to $100,000 per facility this tax season.

In an effort to assist you with the details of this credit, ARA has asked Energy Tax Savers Inc. to write a detailed report on the tax credit, eligible businesses, qualified chemical security expenditures, how to take advantage of the credit and a few examples on how to calculate the tax credit. Again, this is a credit, not a deduction, so you are getting cash back, the ARA says.

Ag retailers and distributors should take advantage of this program and utilize every tax relief measure available, especially in the current economic environment, the ARA says.

Eligible agricultural businesses will claim the credit for qualified chemical security expenses on new Form 8931, ACSC. Any amount paid or incurred after May 22, 2008 by an eligible agricultural business for the purpose of protecting specified agricultural chemicals qualifies as a chemical security expense. For a copy of the ag chemical security IRS form, click here.