Bipartisan agriculture research bill will drive American agricultural innovation
WASHINGTON – U.S. Senator Chris Coons joined eight of his colleagues in introducing the bipartisan Charitable Agricultural Research Act, which will spur new agricultural research, leveraging private dollars to create charitable partnerships between universities and private entities to strengthen and improve American agriculture. The bill amends the tax code to allow for the creation of a new type of charitable, tax-exempt organization, agricultural research organizations, similar to medical research organizations which have been in existence since the 1950s
“In order for our rural communities to remain vibrant and sustainable, we must invest in agricultural research,” Chris said. “Partnering university research with private sector innovation allows both our institutions and industries to work collaboratively to grow our economy. I am pleased that I could join my colleagues from both sides of the aisle to fight for the future of one of America’s most important economic sectors, our farming industry.”
Over the last 60 years, agricultural research has expanded food production significantly. According to the USDA Economic Research Service, farm productivity has risen 158% since 1948; this increase can be largely attributed to research, through the implementation of improved farming practices and the use of new agricultural technologies. Today, the United States produces $312 billion in agricultural products and exports $108 billion annually.
However, agricultural scientists warn that failing to invest in agricultural research could spell disaster for the future of American food security and safety. Agricultural research funding has become stagnant and has fallen far behind other federal agencies since the 1970s. The Charitable Agricultural Research Act seeks to address these challenges by creating agricultural research organizations (AROs) that would work in conjunction with agricultural and land-grant colleges and universities to conduct research in the field of agriculture. To accomplish this, a new section allowing for donations to agricultural research would be added immediately below the portion of the current tax code that provides for charitable contributions to medical research organizations.
Senators Debbie Stabenow (D-MI) and John Thune (R-SD) are the lead sponsors of the bill. Senator Coons, a member of the Senate Committee on Energy and Natural Resources, is a cosponsor.
To learn more about Senator Coons’ work to protect America’s agriculture, click here.