PRECISE Act would open federal loans and cost-share funds to precision farm tech

What does this do?

The PRECISE Act defines precision agriculture in federal law and makes it an eligible use under existing farm loan and conservation programs. Farmers could use government-backed loans or loan guarantees to purchase GPS systems, soil sensors, drones, satellite imaging, and data software. The bill does not create a new standalone program but expands coverage within programs that already exist.

Who does it affect?

Farmers and ranchers who want to reduce costs for water, fertilizer, and chemicals but have had difficulty affording precision agriculture technology are the primary group affected. Rural businesses that help finance or support farming operations could also be affected.

Why does it matter?

Adding precision agriculture to the Environmental Quality Incentives Program and the Conservation Stewardship Program changes what costs and activities those programs will cover. The government would also be required to notify farmers in conservation programs that precision agriculture loans are available to them.

What does it cost, and who pays?

Under the Environmental Quality Incentives Program, the government can currently cover a portion of a farmer's conservation-related costs. This bill would allow that coverage to reach up to 90 percent of costs when a farmer is specifically adopting precision agriculture practices.

Where does it stand?