Supporting Innovation in Agriculture Act of 2024

HR 9263 creates a new 30% federal tax credit for businesses investing in qualifying agricultural technology projects focused on specialty crops. It directly affects farmers and agribusinesses adopting precision agriculture (like GPS-guided equipment or soil sensors) or controlled environment agriculture (such as indoor vertical farms with climate control systems). The credit applies to qualified property like equipment, software, and infrastructure placed in service before 2035, with specific definitions for eligible technologies. Businesses cannot double-benefit by claiming this credit alongside certain existing grant programs for similar projects. The credit is available for investments completed after January 1, 2023, and integrates into the existing tax code via amendments to sections 48F and 6417.