ARA Seeks Feedback On Security Credit
The Department of the Treasury is requesting public comment on Form 8931, Agricultural Chemicals Security Credit. The Office of Management and Budget (OMB) requested these comments from the Treasury to gauge the ease of use for filling out the form. OMB would like to ensure the form is straightforward and easy for tax filers to complete.
The Agricultural Retailers Association (ARA) would like to take this opportunity to evaluate how valuable this credit was to your company. This was a successful victory for ARA and the agricultural retail and distribution industry. It is important that retailers and distributors maximize this opportunity. Please submit your comments to ARA at [email protected].
With the enactment of the 2008 Farm Bill (P.L. 110-234) on May 22, 2008, an ARA-initiated chemical security tax credit for agricultural retailers, distributors, and other eligible agribusinesses was implemented. This credit helps offset increased security costs incurred by agricultural retailers and distributors as a result of the federal government’s regulations and efforts to safeguard agricultural chemicals from the threat of potential terrorists, drug dealers, or other criminals.