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PRECISE Act of 2023

Source: Congress.gov  ·  2,008 words in original text
This bill creates financial incentives to encourage farmers and ranchers to use precision agriculture equipment and technology. The bill modifies several federal farm programs to make loans, loan guarantees and payments available to producers who adopt these practices. ##
- Farmers and ranchers adopting precision agriculture practices - Beginning farmers or ranchers - Socially disadvantaged farmers or ranchers - Rural entities and businesses - The Farm Service Agency - The Natural Resources Conservation Service ##
- Farmers can receive loans or loan guarantees up to 90 percent of the cost to purchase precision agriculture technology through the Conservation Loan and Loan Guarantee Program (Sec. 2) - The Environmental Quality Incentives Program can provide payments of up to 90 percent of costs for adopting precision agriculture practices and acquiring precision agriculture technology (Sec. 5) - Farmers participating in conservation programs can receive both program payments and loans for the same practices on the same land (Sec. 5) - Rural development programs can finance the acquisition of precision agriculture technology to promote best practices, reduce costs and improve the environment (Sec. 3) - The Farm Service Agency and Natural Resources Conservation Service must coordinate when making or guaranteeing loans under conservation programs (Sec. 2) ##
The bill adds precision agriculture to existing federal farm loan and payment programs. Farmers can now apply for up to 90 percent loan coverage or payment assistance when buying precision agriculture equipment or adopting these practices. Farmers can receive both loans and program payments for the same conservation work on their land. Rural development assistance programs now explicitly include financing for precision agriculture technology. ##
**Precision Agriculture:** Managing, tracking or reducing crop or livestock production inputs like seed, feed, fertilizer, chemicals, water and time at a detailed level to improve efficiency, reduce waste and maintain environmental quality (Sec. 4) **Precision Agriculture Technology:** Any technology or equipment that reduces or improves efficiency of crop or livestock production inputs. Examples include GPS-based mapping, satellite or aerial imagery, soil sensors, data management software, automatic steering systems and variable rate technology for applying inputs (Sec. 4) ##
Not specified in bill text
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.