PRECISE Act of 2023

The PRECISE Act of 2023 modifies existing farm programs to encourage farmers and ranchers to adopt precision agriculture technologies, such as GPS-guided equipment and soil sensors, which track and optimize resource use (like water, fertilizer, and seed). It increases loan guarantees to 90% for precision agriculture technology purchases and boosts payments under conservation programs like the Environmental Quality Incentives Program (EQIP) by up to 90% of costs for these technologies. The bill requires coordination between the Farm Service Agency and Natural Resources Conservation Service (NRCS) to streamline support and defines precision agriculture to include tools that reduce waste and improve efficiency. These changes directly affect agricultural producers, particularly beginning, socially disadvantaged, and environmentally focused farmers, by lowering financial barriers to adopting these technologies.