The Grown in America Act of 2024 creates a new federal tax credit to encourage businesses to use domestically produced agricultural commodities in their operations. Businesses that purchase American-grown agricultural inputs can claim a credit equal to 25 percent of their qualifying domestic agricultural costs, up to a maximum of $100 million per year. To receive the full credit, businesses must meet increasing thresholds of domestic input usage, starting at 50 percent in 2025 and rising to 85 percent by 2032, ensuring that companies progressively shift toward American sources over time. The bill applies to agricultural commodities used to produce products sold for human consumption in the United States and includes an exception for commodities that the Secretary of Agriculture identifies as impossible to produce domestically. The tax credit takes effect for tax years beginning after the bill's enactment and allows agricultural cooperatives to pass portions of their credits to member patrons based on their business activity with the cooperative.
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