Subject to appropriation not exceeding $50,000, the Authority shall award dairy business planning grants for up to $5,000 per grant or no greater than 90% of the cost of the plan, whichever is less. The Authority may charge a fee up to $50 to apply for a grant. Eligible applicants for the grants shall be existing or start-up dairy operations in Missouri that are at least 51% owned by Missouri residents. The dairy business plan can only be done by a dairy business planning professional approved by the Authority.

The Authority can promulgate rules for the grant program to establish eligibility and award criteria, including criteria relating to the potential to improve the dairy operation, the plan consultant, the qualifications of the dairy owner, potential economic benefit, and potential transferability of the study results.

The act increases from $6 million to $12 million the aggregate amount of tax credits that may be issued per fiscal year for the Agricultural Product Utilization Contributor tax credit and the New Generation Cooperative Incentive tax credit.

The Missouri Agricultural and Small Business Development Authority is allowed to issue up to $1 million in Agricultural Product Utilization tax credits in any fiscal year to individuals contributing cash funds to the Authority. The Authority may issue additional Agricultural Product Utilization tax credits in circumstances as described in the act.

This act contains provisions similar to SB 444 (2007) and SB 489 (2007).

ERIKA JAQUES