26 U.S. Code § 45O - 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 30 percent of the qualified security expenditures for the taxable year.
(b) Facility limitation
The amount of the credit determined under subsection (a) with respect to any facility for any taxable year shall not exceed—
(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) 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—
(2) limitation and prevention of access to controls of specified agricultural chemicals stored at the facility,
(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,
(5) installation of security lighting, cameras, recording equipment, and intrusion detection sensors,
(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.
(e) Eligible agricultural business
For purposes of this section, the term “eligible agricultural business” means any person in the trade or business of—
(1) selling agricultural products, including specified agricultural chemicals, at retail predominantly to farmers and ranchers, or
(f) Specified agricultural chemical
For purposes of this section, the term “specified agricultural chemical” means—
(1) any fertilizer commonly used in agricultural operations which is listed under—
(B) section 101 ofpart 172 of title 49, Code of Federal Regulations, or
(g) Controlled groups
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 purpose of protecting any specified agricultural chemical and for other purposes, and
Source(Added Pub. L. 110–234, title XV, § 15343(a),May 22, 2008, 122 Stat. 1518, and Pub. L. 110–246, § 4(a), title XV, § 15343(a),June 18, 2008, 122 Stat. 1664, 2280.)
References in Text
Section 302(a)(2) of the Emergency Planning and Community Right-to-Know Act of 1986, referred to in subsec. (f)(1)(A), is classified to section 11002 (a)(2) of Title 42, The Public Health and Welfare.
Section 2(u) of the Federal Insecticide, Fungicide, and Rodenticide Act, referred to in subsec. (f)(2), is classified to section 136 (u) of Title 7, Agriculture.
Pub. L. 110–234and Pub. L. 110–246enacted identical sections. Pub. L. 110–234was repealed by section 4(a) ofPub. L. 110–246.
Enactment of this section and repeal of Pub. L. 110–234by Pub. L. 110–246effective May 22, 2008, the date of enactment of Pub. L. 110–234, except as otherwise provided, see section 4 ofPub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.