Get Credit For Security Efforts

With the tax deadline rapidly approaching, the Agricultural Retailers Association (ARA) would like to remind retailers that the Ag Chemical Security Credit (ACSC) can save up to $100,000 per facility this tax season.

This is a CREDIT, not a deduction, so your retail business is getting CASH back, ARA stresses. If you don’t handle tax information for your company, be sure to forward this to the appropriate person.

With the enactment of the 2008 Farm Bill on May 22, 2008, an ARA-initiated chemical security tax credit for agricultural retailers, distributors, and other eligible agribusinesses has been implemented. This credit helps offset increased security costs incurred by ag 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.

Ag retailers and distributors need to take advantage of this program and utilize every tax relief measure available, especially in the current economic environment. Please find background information below as well as the link to the security credit tax form on the IRS website.

The form allows eligible agricultural businesses to claim a new general business credit, the Agricultural Chemicals Security Credit. Eligible agricultural businesses include those that provide at least one of these services:

  • Sell retail agricultural products (including specified agricultural chemicals) predominantly to growers and ranchers.
  • Manufacture, formulate, distribute, or aerially apply specified agricultural chemicals.

Eligible agricultural businesses will claim the credit for qualified chemical security expenses on new Form 8931, ACSC. Any amount paid or incurred after May 22, 2008 by an eligible agricultural business for the purpose of protecting specified agricultural chemicals qualifies as a chemical security expense. For a copy of the Ag Chemical Security form, click here.

If you have further questions on the form, visit www.irs.gov or contact ARA at 202-457-0825 or email [email protected].

(Source: Agricultural Retailers Association)

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