118 HR 963 IH: Future Agriculture Retention and Management Act of 2023 U.S. House of Representatives 2023-02-09 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.

I118th CONGRESS1st SessionH. R. 963IN THE HOUSE OF REPRESENTATIVESFebruary 9, 2023Mr. Tiffany introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to provide that the energy credit shall not apply to certain types of energy production on agricultural land, and for other purposes.

1.

Short title

This Act may be cited as the Future Agriculture Retention and Management Act of 2023 or FARM Act of 2023.

2.

Restriction on tax credits for renewable energy production on agricultural land

(a)

Solar property

(1)

In general

Section 48 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:(f)

Denial of credit with respect to certain solar energy property on agricultural land

(1)

In general

Subsection (a) shall not apply to equipment described in subsection (a)(3)(A)(i) that is placed in service by a public utility on agricultural land.(2)

Definitions

For purposes of this subsection—(A)

Agricultural land

The term agricultural land has the meaning given the term eligible land in section 1240A of the Food Security Act of 1985.(B)

Public utility

The term public utility has the meaning given the term in section 136(c)(2). .(2)

Conforming amendment

Section 48(a)(1) of such Code is amended by inserting subsection (f) and after provided in.(b)

Wind property

Section 45(e)(6) of such Code is amended to read as follows:(6)

Denial of credit with respect to certain energy property on agricultural land

(A)

In general

The credit determined under subsection (a) shall not apply to electricity produced by a solar energy facility or wind facility placed in service after the date of enactment of the Future Agriculture Retention and Management Act of 2023 by a public utility on agricultural land.(B)

Definitions

For the purposes of this paragraph—(i)

Agricultural land

The term agricultural land has the meaning given the term eligible land in section 1240A of the Food Security Act of 1985.(ii)

Public utility

The term public utility has the meaning given the term in section 136(c)(2). .(c)

Effective date

The amendments made by this section shall apply to property placed in service after the date of enactment of this Act.