Agricultural Chemicals Security Credit Expires Soon

Make sure you file for the Agricultural Chemicals Security Credit this quarter, before this credit expires on December 31, 2012. Form 8931 distributed by the Internal Revenue Service (IRS) allows eligible agribusinesses to receive a 30% tax credit on any investments made towards facility security. Visit the IRS website to download form 8931. 

Who is eligible?

The law defines an eligible agricultural business as any retailer of fertilizer or ag chemical to farmers and ranchers and those that manufacture, formulate, distribute, or aerially apply fertilizer and/or ag chemicals.

What are the tax credit limits?

The potential credit amount is 30% of the investment made in facility security. This has a limit of $100,000 per facility up to $2,000,000 annually per company.

What are “qualified chemical security expenditures”?

  • Employee security training and background check.
  • Limitation and prevention of access to controls of specified agricultural chemicals stored at a facility.
  • Tagging, locking tank valves, and chemical additives to prevent the theft of specified agricultural chemicals or to render such chemicals unfit for illegal use.
  • Protection of the perimeter of specified agricultural chemicals.
  • Installation of security lighting, cameras, recording equipment and intrusion detection sensors.
  • Implementation of measures to increase computer or computer network security.
  • Conducting security vulnerability assessments.
  • Implementing a site security plan.
  • Other measures provided for by regulation.

Please do not miss out on the opportunity to help your company get back money on their security investment.  If you have any questions please contact, Jeff Sands, ARA Director of Public Policy, either via email or 202-595-1705.

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