1. Short title This Act may be cited as the Producing Responsible Energy and Conservation Incentives and Solutions for the Environment Act of 2023 or the PRECISE Act of 2023 . 2. Conservation loan and loan guarantee program Section 304 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1924 ) is amended— (1) in subsection (b)— (A) by redesignating paragraphs (1), (2), and (3) as paragraphs (3), (4), and (1), respectively, and moving the paragraphs so as to appear in numerical order; (B) in paragraph (1) (as so redesignated)— (i) by redesignating subparagraphs (F) and (G) as subparagraphs (G) and (H), respectively; and (ii) by inserting after subparagraph (E) the following: (F) the adoption of precision agriculture practices and the acquisition of precision agriculture technology; ; and (C) by inserting after paragraph (1) (as so redesignated) the following: (2) Precision agriculture; precision agriculture technology The terms precision agriculture and precision agriculture technology have the meanings given those terms in section 1201(a) of the Food Security Act of 1985 ( 16 U.S.C. 3801(a) ). ; (2) in subsection (d)— (A) in paragraph (2), by striking and at the end; (B) in paragraph (3), by striking 1985. and inserting 1985 ( 16 U.S.C. 3812 ); and ; and (C) by adding at the end the following: (4) producers who use the loans to adopt precision agriculture practices or acquire precision agriculture technology, including adoption or acquisition for the purpose of participating in the environmental quality incentives program under subchapter A of chapter 4 of subtitle D of title XII of the Food Security Act of 1985 ( 16 U.S.C. 3839aa et seq. ). ; (3) in subsection (e), by striking paragraph (2) and inserting the following: (2) 90 percent of the principal amount of the loan in the case of— (A) a producer that is a qualified socially disadvantaged farmer or rancher or a beginning farmer or rancher; or (B) a loan that is used for the purchase of precision agriculture technology.