1. Short title This Act may be cited as the Feed America by Incentivizing Rural Meat Packing Act or as the FAIR Meat Packing Act . 2. Credit for livestock processing facilities (a) In general Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48C the following new section: 48D. Livestock processing facilities credit (a) In general For purposes of section 46, the livestock processing facilities credit for any taxable year is an amount equal to 25 percent of the basis of each livestock processing facility property placed in service by the taxpayer during such taxable year. (b) Limitation on credit amount The credit determined under subsection (a) with respect to any taxpayer for any taxable year shall not exceed $250,000. (c) Exclusion of certain large processors No credit shall be allowed under subsection (a) to any taxpayer for any taxable year if the gross receipts (within the meaning of section 448(c) of the Internal Revenue Code of 1986) of such taxpayer for such taxable year exceed $100,000,000. (d) Livestock processing facility property For purposes of this section— (1) In general The term livestock processing facility property means property with respect to which depreciation (or amortization in lieu of depreciation) is allowable and which is part of a livestock processing facility. (2) Trade or business requirement The term livestock processing facility property shall not include any property unless such property is used in the taxpayer’s trade or business of processing livestock. (e) Other definitions For purposes of this section— (1) Livestock processing facility The term livestock processing facility means a facility which slaughters livestock for processing into meat and meat products, which participates in a meat and poultry inspection program conducted by the Department of Agriculture or the State in which such facility is located, and at which an average of fewer than 500 employees are employed on business days during the