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108th CONGRESS
2d Session
S. 2872
To amend the Internal Revenue Code of 1986 to provide a credit to
certain agriculture-related businesses for the cost of protecting
certain chemicals.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 30, 2004
Mr. Bunning (for himself and Mr. Nelson of Nebraska) introduced the
following bill; which was read twice and referred to the Committee on
Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide a credit to
certain agriculture-related businesses for the cost of protecting
certain chemicals.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``The Agricultural Business Security
Tax Credit Act of 2004''.
SEC. 2. AGRICULTURAL CHEMICALS SECURITY CREDIT.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business related
credits) is amended by adding at the end the following new section:
``SEC. 45G. AGRICULTURAL CHEMICALS SECURITY CREDIT.
``(a) In General.--For purposes of section 38, in the case of an
eligible agricultural business, the agricultural chemicals security
credit determined under this section for the taxable year is 50 percent
of the aggregate amount paid or incurred by the eligible agricultural
business for the purpose of protecting any specified hazardous chemical
or any food-use pesticide from unauthorized access.
``(b) Facility Limitation.--The amount of the credit determined
under subsection (a) with respect to any facility for any taxable year
shall not exceed--
``(1) $50,000, reduced by
``(2) the aggregate amount of credits determined under
subsection (a) with respect to such facility for the 5 prior
taxable years.
``(c) Annual Limitation.--The amount of the credit determined under
subsection (a) with respect to any taxpayer for any taxable year shall
not exceed $2,000,000.
``(d) Eligible Agricultural Business.--For purposes of this
section, the term `eligible agricultural business' means any person in
the trade or business of--
``(1) being a retailer of agricultural products, or
``(2) manufacturing, formulating, or distributing food-use
pesticides.
``(e) Specified Hazardous Chemicals.--For purposes of this section,
the term `specified hazardous chemical' means any extremely hazardous
substance listed under section 302(a)(2) of the Emergency Planning and
Community Right-to-Know Act of 1986, and any hazardous material listed
under section 101 of part 172 of title 49, Code of Federal Regulations,
which is held for sale in the trade or business of being a retailer of
agricultural products.
``(f) Food-Use Pesticide.--For purposes of this section, the term
`food-use pesticide' means any pesticide (as defined in section 2(u) of
the Federal Insecticide, Fungicide, and Rodenticide Act), including all
active and inert ingredients thereof, which is customarily used on
food, feed, or crops.
``(g) Controlled Groups.--Rules similar to the rules of paragraphs
(1) and (2) of section 41(f) shall apply for purposes of this section.
``(h) Regulations.--The Secretary may prescribe such regulations as
may be necessary or appropriate to carry out the purposes of this
section, including regulations which--
``(1) provide for the proper treatment of amounts which are
paid or incurred for the purpose of protecting any specified
hazardous chemical or any food-use pesticide and for other
purposes, and
``(2) provide for the treatment of related properties as
one facility for purposes of subsection (b).''.
(b) Credit Allowed as Part of General Business Credit.--Section
38(b) of such Code is amended by striking ``plus'' at the end of
paragraph (14), by striking the period at the end of paragraph (15) and
inserting ``, plus'', and by adding at the end the following new
paragraph:
``(16) in the case of an eligible agricultural business (as
defined in section 45G(d)), the agricultural chemicals security
credit determined under section 45G(a).''.
(c) No Carrybacks.--Subsection (d) of section 39 of such Code
(relating to carryback and carryforward of unused credits) is amended
by adding at the end the following:
``(11) No carryback of section 46g credit before effective
date.--No portion of the unused business credit for any taxable
year which is attributable to the agricultural chemicals
security credit determined under section 45G may be carried
back to a taxable year beginning before the date of the
enactment of this paragraph.''.
(d) Denial of Double Benefit.--Section 280C of such Code is amended
by adding at the end the following new subsection:
``(d) Credit for Security of Agricultural Chemicals.--No deduction
shall be allowed for that portion of the expenses (otherwise allowable
as a deduction) taken into account in determining the credit under
section 45G for the taxable year which is equal to the amount of the
credit determined for such taxable year under section 45G(a).''.
(e) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 of such Code is amended by adding
at the end the following new item:
``Sec. 45G. Agricultural chemicals security credit.''.
(f) Effective Date.--The amendments made by this section shall
apply to amounts paid or incurred after the date of the enactment of
this Act.
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