3.0.0 2558 2023-03-08T20:12:10Z 2023-03-08T20:12:10Z Senate S 2021-07-29 117 ssfi00 Finance Committee Senate Standing Referred to 2021-07-29T19:54:32Z FAIR Meat Packing Act 117 4854 HR 2021-07-29 Referred to the House Committee on Ways and Means. Identical bill CRS 2021-07-29 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-07-29 Introduced in Senate IntroReferral 10000 9 Library of Congress M001198 Sen. Marshall, Roger [R-KS] Roger Marshall R KS N R000605 Sen. Rounds, Mike [R-SD] Mike Rounds R SD 2021-07-29 True Taxation Business expenses Income tax credits Livestock Meat Small business Taxation 00 2021-07-29 Introduced in Senate 2021-09-21T20:54:40Z Feed America by Incentivizing Rural Meat Packing Act or the FAIR Meat Packing Act

This bill allows an investment tax credit through 2026 for 25% of the basis of each livestock processing facility property placed in service during the taxable year. The amount of the credit may not exceed $250,000 in any taxable year and is not available to taxpayers whose gross receipts exceed $100 million in a taxable year.

The bill defines livestock processing facility as a facility that slaughters livestock (i.e., cattle, sheep, goats, bison, swine, and poultry) for processing into meat and meat products and participates in a meat and poultry inspection program, The facility must employ an average of fewer than 500 employees and include property used for the intake or storage of livestock, the disposal or management of livestock waste, or the packaging, handling, warehousing, or storage of meat products.

The bill also allows a refundable income tax credit for the startup and organizational expenditures of livestock processing facilities.

]]> FAIR Meat Packing Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide incentives for livestock processing facilities. Introduced in Senate IS Display Title FAIR Meat Packing Act Short Title(s) as Introduced FAIR Meat Packing Act Introduced in Senate IS Short Title(s) as Introduced Feed America by Incentivizing Rural Meat Packing Act Introduced in Senate IS Introduced in Senate 2021-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s2558is/xml/BILLS-117s2558is.xml 2021-07-29 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.