I.R.C. § 45O(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 30 percent of the qualified
security expenditures for the taxable year.
I.R.C. § 45O(b) Facility Limitation —
The amount of the credit determined under subsection (a) with respect to any facility for any taxable year shall not exceed—
I.R.C. § 45O(b)(1) —
$100,000, reduced by
I.R.C. § 45O(b)(2) —
the aggregate amount of credits determined under subsection (a) with respect to such facility for the 5 prior taxable years.
I.R.C. § 45O(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.
I.R.C. § 45O(d) Qualified Chemical Security Expenditure —
For purposes of this section, the term ”qualified chemical security expenditure” means,
with respect to any eligible agricultural business for any taxable year, any amount
paid or incurred by such business during such taxable year for—
I.R.C. § 45O(d)(1) —
employee security training and background checks,
I.R.C. § 45O(d)(2) —
limitation and prevention of access to controls of specified agricultural chemicals
stored at the facility,
I.R.C. § 45O(d)(3) —
tagging, locking tank valves, and chemical additives to prevent the theft of specified
agricultural chemicals or to render such chemicals unfit for illegal use,
I.R.C. § 45O(d)(4) —
protection of the perimeter of specified agricultural chemicals,
I.R.C. § 45O(d)(5) —
installation of security lighting, cameras, recording equipment, and intrusion detection
sensors,
I.R.C. § 45O(d)(6) —
implementation of measures to increase computer or computer network security,
I.R.C. § 45O(d)(7) —
conducting a security vulnerability assessment,
I.R.C. § 45O(d)(8) —
implementing a site security plan, and
I.R.C. § 45O(d)(9) —
such other measures for the protection of specified agricultural chemicals as the
Secretary may identify in regulation.
Amounts described in the preceding sentence shall be taken into account only to the
extent that such amounts are paid or incurred for the purpose of protecting specified
agricultural chemicals.
I.R.C. § 45O(e) Eligible Agricultural Business —
For purposes of this section, the term “eligible agricultural business” means any
person in the trade or business of—
I.R.C. § 45O(e)(1) —
selling agricultural products, including specified agricultural chemicals, at retail
predominantly to farmers and ranchers, or
I.R.C. § 45O(e)(2) —
manufacturing, formulating, distributing, or aerially applying specified agricultural
chemicals.
I.R.C. § 45O(f) Specified Agricultural Chemical —
For purposes of this section, the term “specified agricultural chemical” means—
I.R.C. § 45O(f)(1) —
any fertilizer commonly used in agricultural operations which is listed under—
I.R.C. § 45O(f)(1)(A) —
section 302(a)(2) of the Emergency Planning and Community Right-to-Know Act of 1986,
I.R.C. § 45O(f)(1)(B) —
section 101 of part 172 of title 49, Code of Federal Regulations, or
I.R.C. § 45O(f)(1)(C) —
part 126, 127, or 154 of title 33, Code of Federal Regulations, and
I.R.C. § 45O(f)(2) —
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 crops grown for food, feed, or fiber.
I.R.C. § 45O(g) Controlled Groups —
Rules similar to the rules of paragraphs (1) and (2) of section 41(f) shall apply for purposes of this section.
I.R.C. § 45O(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—
I.R.C. § 45O(h)(1) —
provide for the proper treatment of amounts which are paid or incurred for purpose
of protecting any specified agricultural chemical and for other purposes, and
I.R.C. § 45O(h)(2) —
provide for the treatment of related properties as one facility for purposes of subsection
(b).
I.R.C. § 45O(i) Termination —
This section shall not apply to any amount paid or incurred after December 31, 2012.
(Added by Pub. L. 110-246, title XV, Sec. 15343(a), June 18, 2008, 122 Stat. 1651.)
BACKGROUND NOTES
EFFECTIVE DATE
Effective for amounts paid or incurred after the date of the enactment of this Act
[Effective date: May 22, 2008]. Note that the original provisions of Pub. L. 110-246 were enacted as Pub. L. 110-234 on May 22, 2008, but were repealed by Pub. L. 110-246, Sec. 4, effective May 22, 2008. Sec. 4 of Pub. L. 110-246 provided that:
“Sec. 4. Repeal of Duplicative Enactment.
“(a)
In General.—The Act entitled ‘An Act to provide for the continuation of agricultural
programs through fiscal year 2012, and for other purposes’
(H.R. 2419 of the 110th Congress), and the amendments made by that Act, are repealed,
effective on the date of the enactment of that Act.
“(b)
Effective Date.—Except as otherwise provided in this Act, this Act and the amendments
made by this Act shall take effect on the earlier of—
“(1)
the date of enactment of this Act [Enacted: June 18, 2008]; or
“(2)
the date of the enactment of the Act entitled ‘An Act to provide for the continuation
of agricultural programs through fiscal year 2012, and for other purposes’ (H.R. 2419
of the 110th Congress) [Enacted:
May 22, 2008].”
