Security tax credit bill opens doors for installers
IRVING, Texas-- Security at pesticide and fertilizer storage and manufacturer facilities could increase if a security tax credit bill now before the Senate Finance Committee gains approval.
The federal legislation, known as The Agricultural Business Tax Credit Act of 2005, would provide eligible agricultural businesses with a tax credit equal to 30 percent of the cost to implement security measures, up to $100,000 per facility. It is one of more than 200 bills before Congress related to funding security measures.
According to Michael Meredith, president of Security Equipment Inc., in Omaha, Neb., many fertilizer and pesticide facilities, located in rural and small towns, are behind the times when it comes to security.
"You're seeing fertilizer and pesticides used on the terrorist side and on the drug side for methamphetamine," said Meredith. "I hope this bill will provide a financial incentive for these facilities" to upgrade their systems.
John Chwat, director of government relations for the National Burglar & Fire Alarm, which recently endorsed this piece of legislation, said The Agricultural Business Tax Credit Act provides security system installers with a sales and marketing tool. He said it could make it easier for installers to approach agricultural facilities about security measures.
"It's an advance look of what's happening in Congress for industry people to take advantage of," said Chwat.
Chwat said the bill could receive approval by this summer.
Sens. Pat Roberts (R-Kan.) and Ben Nelson (D-Neb.) introduced the bill.