Introductory Statement on S. 2872
Mr. President, I rise today to introduce the Agricultural Business Security Investment Tax Credit Act of 2004. I am pleased to join with my colleague from Nebraska, Senator Nelson, In supporting this important legislation. Security at our…
Mr. President, I rise today to introduce the Agricultural Business Security Investment Tax Credit Act of 2004. I am pleased to join with my colleague from Nebraska, Senator Nelson, In supporting this important legislation.
Security at our agricultural facilities has regrettably become a national concern in the last decade. While we saw agricultural products used for destruction in Oklahoma City in 1995, our concerns have only been compounded by the tragedies of September 11 and the threat of terrorism. The Senate recognized this growing concern when we considered agricultural products in the Federal hazardous materials lists in the USA Patriot Act of 2001.
The American agricultural industry has already recognized some of the dangers on its own and has made significant strides in improving security. Shops throughout the country have started to invest in security measures to keep their chemicals and fertilizers from being used illegally. In 2003, the Agricultural Retailers Association published a web-based, security-vulnerability assessment tool and has cooperated with the USDA to secure farmers and ranchers.
But vulnerability assessments often require as much as $50,000 to $100,000 in capital investment. Meeting these pressing security needs is not feasible for many of the more than 9,000 retail facilities with fertilizer and chemicals stocks in the United States.
That is why it is important we enact this tax credit. The credit would equal 50 percent of the cost of eligible security upgrades at agricultural retail businesses and is capped at $50,000 during any 5 year period. This money can be used for many different security programs, such as employee background checks, locking equipment and even the latest chemical additives that can render fertilizer unfit for illegal purposes.
In my home State of Kentucky, fertilizer theft has become a serious problem and is contributing to a dangerous rise in the illegal drug trade. One common fertilizer, anhydrous ammonia, is stolen in large quantities and is a fundamental part of the production of some forms of methamphetamine. This problem is especially bad in rural areas where police officers in Kentucky are try to curb the problem by distributing locks to farmers and training them to identify the signs of a methamphetamine label.
But these efforts are not enough. This legislation is an important step to ensure that America's agricultural facilities are secure. Without our action, many of the facilities throughout our country would simply be unable to fund security improvements. We cannot risk fertilizers and chemicals falling into the wrong hands and facilitating illegal drug manufacturing or terrorist bomb makers. I hope my colleagues will join Senator Nelson and me in supporting this important legislation.