Tax Credit on Gross Sales.
Section 23
SEC. 23. Tax Credit on Gross Sales. —For a period of five (5) years from date of commercial operation, a registered agricultural enterprise shall be entitled to a tax credit equivalent to five percent (5%) of gross sales for agricultural activities listed in the Agricultural Investment Priorities Plan as First Priority; three and one half percent (3.5%) of gross sales for those listed as Second Priority and two percent (2%) for those listed as third Priority. In case of farmers' cooperatives, and corporations engaged in contracts growing with small farmers the tax credit may be increased by an additional one percent (1%). With respect to existing enterprises they may avail of this incentive for a period of five years from date of registration under this law but only to the extent of their incremental out put.