H.R. 6143: Producing Responsible Energy and Conservation Incentives and Solutions for the Environment Act

This bill, titled the Producing Responsible Energy and Conservation Incentives and Solutions for the Environment Act (PRECISE Act), aims to promote the use of precision agriculture technology and practices among farmers. It includes several key components designed to encourage sustainability and improve agricultural efficiency.

1. Loan and Loan Guarantee Program

The bill amends existing agricultural loan programs to specifically include:

• Support for the adoption of precision agriculture practices.
• Financing for the acquisition of precision agriculture technology.

Producers who utilize these loans can also apply for participation in the Environmental Quality Incentives Program (EQIP), which provides further funding for environmentally beneficial practices.

2. Assistance to Rural Entities

It expands definitions related to precision agriculture and emphasizes financing options to enhance the adoption of technology and practices that improve environmental sustainability and reduce operational costs for farmers.

3. Definitions in the Food Security Act of 1985

The bill establishes clear definitions for precision agriculture and precision agriculture technology, which include:

• Technologies that manage and track agricultural inputs like water, fertilizer, and chemicals.
• Associated tools such as GPS systems, soil mapping technology, and data management software.

4. Environmental Quality Incentives Program (EQIP)

The bill modifies the EQIP to ensure that payments for eligible agricultural practices include those related to precision agriculture technology and practices. Producers may also receive loans for implementing these practices.

5. Conservation Stewardship Program

Changes are introduced to include precision agriculture practices in the Conservation Stewardship Program, making them eligible for funding aimed at improving agricultural sustainability and conservation efforts.

6. Delivery of Technical Assistance

The bill emphasizes the importance of using third-party providers for technical assistance related to soil health and precision agriculture practices, ensuring farmers have access to expertise and support.

Relevant Companies

• DE - Deere & Company: This agricultural machinery company may see increased demand for precision agriculture technologies as farmers seek to enhance efficiency through new practices supported by the bill.
• AGCO - AGCO Corporation: As a manufacturer of agricultural equipment, AGCO could benefit from expanded usage of precision farming technologies that farmers will adopt under this legislation.
• CAT - Caterpillar Inc.: Caterpillar may find new market opportunities in providing advanced machinery and technology that align with the precision agriculture initiatives fostered by this bill.