FARM Act of 2023

Subjects: Taxation

Summary:  <p><strong>Future Agriculture Retention and Management Act of 2023 or FARM Act of 2023</strong></p> <p>This bill makes solar and wind electricity ineligible for certain renewable energy tax credits if the electricity was generated by facilities that a public utility placed on agricultural land.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 963 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 963

 To 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 9, 2023

 Mr. Tiffany introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
                                 &lt;all&gt;
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