Grown in America Act of 2024

The Grown in America Act of 2024 creates a new tax credit for businesses that use predominantly domestically produced agricultural inputs in food manufacturing. It reduces tax liability for eligible food processors and manufacturers whose domestic input costs (expenses for U.S.-grown farm products used in food production) meet a minimum threshold, starting at 50% in 2025 and rising to 85% by 2032. The credit is capped at $100 million annually per taxpayer and requires a 3-year average of domestic input costs relative to total input costs. Cooperative businesses may elect to distribute the credit to their patrons based on business volume. The credit applies to taxable years beginning after the bill's enactment date.