17053.89.
(a) For each taxable year beginning on or after January 1, 2020, and before January 1, 2025, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount for each acre within the state on which agricultural technology is deployed during the taxable year for at least three consecutive months as follows:(1) For tier 1 farms, which are farms less than 100 acres in size, fifty dollars ($50), up to a total credit amount of four thousand nine hundred fifty dollars ($4,950) per taxpayer per taxable year.
(2) For tier 2 farms, which are farms at least 100 acres but less than 500 acres in size, forty dollars ($40), up to a total credit amount of nineteen thousand nine hundred sixty dollars ($19,960) per taxpayer per taxable year.
(3) For tier 3 farms, which are farms at least 500 acres but less than 1,000 acres in size, thirty dollars ($30), up to a total credit amount of twenty-nine thousand nine hundred seventy dollars ($29,970) per taxpayer per taxable year.
(4) For tier 4 farms, which are farms at least 1,000 acres but less than 2,000 acres in size, twenty dollars ($20), up to a total credit amount of thirty-nine thousand nine hundred eighty dollars ($39,980) per taxpayer per taxable year.
(5) For tier 5 farms, which are farms of 2,000 or more acres in size, ten dollars ($10), up to a total credit amount of fifty thousand dollars ($50,000) per taxpayer per taxable year.
(b) If a credit allowed by this section is claimed by a taxpayer based on expenses paid or incurred as described in paragraph (2) of subdivision (d), any deduction otherwise allowed under this part based on those same expenses shall be reduced by the amount of the credit claimed.
(c) For purposes of this section, the following definitions apply:
(1) “Agricultural technology” has the same meaning as in Section 25.3 of the Food and Agricultural Code.
(2) “Institute” means the Agriculture Technology Innovation Institute created pursuant to Section 823 of the Food and Agricultural Code.
(d) The institute shall provide a certificate to a taxpayer who confirms all of the following:
(1) The deployment of agricultural technology for at least three consecutive months.
(2) Paying or incurring expenses, during the 12 months immediately preceding the taxpayer’s application for certification, for the agricultural technology described in paragraph (1).
(3) One or both of the following:
(A) An improvement of efficiency in water, energy, fertilizer, or pesticide use, or an increase in the effectiveness of greenhouse gas reduction or resource sustainability practices, in the business operations of the taxpayer, resulting from the deployment of the agricultural technology described in paragraph (1), demonstrated through metering, bill statements, or business logs or records.
(B) An increase in farm labor efficiency demonstrated by subtracting the quotient of the crop yield divided by hours of work performed before the agricultural technology described in paragraph (1) was deployed from the quotient of the crop yield divided by hours of work performed after that agricultural technology was deployed.
(e) (1) A certificate provided pursuant to subdivision (d) shall include all of the following:
(A) The taxpayer’s name.
(B) The address of the farm on which the agricultural technology has been deployed.
(C) The taxpayer’s social security number or taxpayer identification number.
(D) The amount of the credit claimed.
(E) The date of certification.
(2) The institute shall annually provide to the Franchise Tax Board, by a date determined by the Franchise Tax Board, a copy of each certificate provided by the institute pursuant to this section for the preceding calendar year.
(f) In the case where the credit allowed by this section exceeds the “net tax,” the excess may be carried over to reduce the “net tax” in the following taxable year, and succeeding four years if necessary, until the credit is exhausted.
(g) It is the intent of the Legislature to comply with Section 41.
(h) This section shall remain in effect only until December 31, 2031, and as of that date is repealed.