HCS/HBs 658 & 706 - This act creates a state income and corporate franchise tax credit for qualifying milk production. Beginning January 1, 2009, and the first day of each month thereafter, the Missouri agriculture and small business development authority must report and make public the announced production price of milk for the state of Missouri based upon a three factor formula. The tax credit will only be available when the announced production price for the state exceeds the average Federal Uniform Price for Missouri. The amount of the credit will based upon the difference in the announced production price for the state and the average Federal Uniform Price per one hundred pounds of milk produced in any month the credit is available. The tax credit is non-refundable, fully transferrable and valid only against the state tax liability for the tax year of issuance. The amount of tax credits annually available to taxpayers for qualifying milk production will depend upon the amount of tax credits which remain unissued, as of a date certain each year, under certain existing tax credit programs. The milk producer tax credit sunsets two years from the effective date of the act unless re-authorized by the General Assembly. This act is similar to Senate Bill 254 (2009). JASON ZAMKUS
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