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Governor George Allen announced Virginia's farmers can now claim a new tax credit for the purchase of equipment which increases the pre' cision of applications of nutrients and pesticides. The credit is designed to be an incentive for fanners to buy starter fertilizer band attachments, which help reduce the nutrients that flow into Virginia's waterways.
"We are promoting innovative, technological solutions to help farmers be good stewards of Virginia's natural resources," said Gov. Allen. "This new tax credit will encourage them to buy the equipment they need to reduce the amount of pesticides used during farming."
Virginia Tech researchers have found that banded fertilizer applications may result in more efficient use of nitrogen and phosphorous in com production. Because plants use more of the nutrients in this method, less of the fertilizer must be used, reducing the amount of potential runoff.
The tax credit is the lesser of 25
93.3%