H.R. 2658 would amend the Internal Revenue Code of 1986 to provide a tax credit for farmers' investments in value-added agriculture.
Detailed Summary
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 ,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.
Status of the Legislation
Latest Major Action: 6/11/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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