To amend the Internal Revenue Code of 1986 to provide a tax credit for farmers' investments in value-added agriculture.
Agricultural Producers Value-Added Investment Tax Credit Act of 2007 - Amends the Internal Revenue Code to allow individuals who materially participate in a farming business and certain farmer-owned entities a business tax credit up to $30,000 for investment in qualified value-added agricultural property. Defines "qualified value-added agricultural property" as depreciable property which is used to add value to a good or product, suitable for food or nonfood use, derived in whole or in part from organic matter which is available on a renewable basis, including agricultural crops and agricultural wastes and residues, wood wastes and residues, and domesticated animal wastes. Terminates the credit after 2012.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1258-1259)
Referred to the House Committee on Ways and Means.
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