§45O Agricultural Chemicals Security Credit

Summary

Gives a tax credit equal to 30% of qualifying security costs for eligible agricultural businesses. The credit for each facility in a year cannot be more than $100,000 minus the total credits claimed for that facility in the five prior years. A taxpayer cannot claim more than $2,000,000 of this credit in any year. Qualifying security costs include things like employee training and background checks; ways to limit access or lock and tag chemicals; additives to make chemicals unusable for illegal purposes; perimeter protection; security lighting, cameras, and alarms; computer security; vulnerability assessments; site security plans; and other protections the Secretary allows. Eligible businesses are retailers who mainly sell farm products to farmers and ranchers (including these chemicals) and businesses that make, mix, distribute, or apply these chemicals. Specified agricultural chemicals mean certain fertilizers listed in federal safety rules and pesticides as defined by the Federal Insecticide, Fungicide, and Rodenticide Act that are used on food, feed, or fiber crops. Rules for related companies follow similar rules used in section 41(f), and the Secretary may issue regulations to carry out the credit, including how to treat mixed-use costs and related properties as one facility. The credit does not apply to amounts paid after December 31, 2012.