Tax Deductions for Investors in Agricultural Enterprises.
Section 21
SEC. 21. Tax Deductions for Investors in Agricultural Enterprises.—During the first seven (7) years from date of registration, an investor in a new or expanding registered enterprise engaged in agricultural production and/or services shall be allowed to deduct from his net taxable income an amount equal to his actual investment paid in, but not exceeding thirty percent (30%) of net taxable income for those engaged in agricultural activities in the Agricultural Investment Priorities Plan listed as First Priority; twenty-five percent (25%) of net taxable income for those listed as Second Priority; and twenty percent (20%) for those listed as Third Priority: Provided, That if the investments within three (3) years from date of acquisition, the investor shall lose the benefit of this deduction and shall pay the readjusted income tax within thirty (30) days from date of transfer or redemption. The tax deductions herein granted may be availed of by both fixed and variable income earners notwithstanding any provision of law to the contrary.