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Lawmakers float 30% tax credit to accelerate agtech adoption on specialty crop farms
House lawmakers introduced a bill that would give specialty crop growers tax breaks to purchase high-tech equipment for their farms.
The “Supporting Innovation in Agriculture Act” would provide a 30% tax credit for farmers who invest in precision agriculture equipment to help produce, store, process or package their crops. The tax benefit would also apply to indoor farming projects, or controlled environment agriculture.
The legislation is meant to defray some of the high capital costs needed to pay for farm technology for fruit, vegetable and other specialty crop farmers. Lawmakers and industry advocates say the technology is needed to expand food production in the face of labor shortages and extreme weather conditions.
Rep. Mike Kelly, a Pennsylvania Republican and co-sponsor of the bill, said in a statement the bill “will allow for farmers and agricultural leaders to not only succeed today, but it will allow them to better utilize innovative technologies to allow producers to succeed for years to come.”
Former Monsanto exec to helm Freight Farms
Freight Farms, which builds indoor farming facilities inside of shipping containers, has named former Monsanto executive Brad Griffith as its next CEO.
Griffith, who was also added to the board of directors, spent more than 17 years at Monsanto in agriculture and pharmaceuticals. He most recently served as chief commercial officer of potash producer Compass Minerals.
“After a decade of successful innovation, Freight Farms is beginning to institutionalize and scale its agronomic efficiency for growers, and we are excited for Brad to lead the next phase of the company’s growth,” said Zach Morse, Freight Farms’ board director and senior analyst at Ospraie Ag Science, the container farm company’s largest investor.
Rick Vanzura, who was named chief executive in 2020, will step down but remain an advisor to the board.
Bloom Fresh expands fruit breeding program to blueberries
Fruit breeding company Bloom Fresh acquired a portfolio of no-chill blueberries from Peru-based Inka’s Berries as the produce innovator looks to expand its footprint in the development of the next-generation of fruits.
Inka’s Berries blueberry breeding program includes a pipeline of new fruit varieties with no-chill requirements, allowing them to grow in a variety of climates. The acquisition adds to Bloom Fresh’s portfolio of table grapes, cherries and raisins.
“Inka’s Berries breeding program is unique in its ability to cultivate blueberries in new regions and geographies,” Josep Estiarte, Bloom Fresh CEO, said in a statement. “Together, we will continue our mission to drive sustainability and innovation in fruit breeding, offering growers and consumers around the world the highest quality fruit varieties.”
In August, Bloom Fresh opened a $14 million facility in California dedicated to natural fruit breeding in order to optimize development of new innovations. The company was renamed Bloom Fresh in 2023 following the merger of breeders Special New Fruit Licensing Group and International Fruit Genetics.