WASHINGTON — Legislation has been introduced in the U.S. Senate to allow tax-exempt donations to support agricultural research as a means to help keep American agriculture on the forefront of food production breakthroughs.
The Charitable Agriculture Research Act (S.1561) is a bipartisan measure authored by Senate Agriculture Committee chairman Debbie Stabenow (D-Mich.) and Sen. John Thune (R-S.D.) and co-sponsored by Sen. Thad Cochran (R-Miss.). Following the precedent set by medical research organizations (MROs), the legislation would amend the tax code to allow charitable, tax-exempt donations to agricultural research organizations (AROs).
“This legislation would create a new avenue beyond government-funded research to support new advances in agriculture technology,” said Cochran, who is a member of the Senate Agriculture, Nutrition and Forestry Committee. “Mississippi is an agriculture state, and its universities and colleges are proficient in agriculture research and could benefit from this legislation. In addition, overall growth in farm production spurred on by agricultural research can, in the long run, lead to greater sales and exports of goods produced in our state.”
AROs would be required to conduct agriculture research in conjunction with agricultural and land-grant colleges and universities, and complement existing public and private research into improving agriculture production and practices.
AROs would be similar to the federally sanctioned MROs that are supported through private contributions from individuals or families “directly engaged in the continuous active conduct of medical research in conjunction with a hospital.”
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info