§45O Agricultural Chemicals Security Credit

Summary

Gives a tax credit equal to 30 percent of security spending for eligible agricultural businesses each tax year. The credit for any one facility cannot be more than $100,000 for the year, reduced by the total credits claimed for that facility in the 5 prior tax years. A single taxpayer cannot claim more than $2,000,000 in this credit in one year. The credit is not available for amounts paid after December 31, 2012. Qualified security spending includes things like employee security training and background checks; ways to limit access or stop theft of certain fertilizers and pesticides (locks, tags, locked valves, chemical additives); perimeter protection, lighting, cameras, and intrusion sensors; computer and network security; security vulnerability assessments; site security plans; and other protection measures the Secretary identifies. An eligible agricultural business is a seller that mainly serves farmers or a business that makes, formulates, distributes, or aerially applies those chemicals. Specified agricultural chemicals mean certain fertilizers listed in federal safety rules and pesticides used on food, feed, or fiber crops (including all ingredients). Other tax rules similar to section 41(f) and Treasury regulations also apply.