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SCS/HCS/HB 1349 - The "Family Farms Act" creates a family farm breeding livestock loan program within the Missouri agricultural and small business development authority (MASBDA), to help small farmers purchase beef and dairy cattle, sheep, goats, and swine. There are limits for each type of purchase which are laid out in the act, loans made from this program shall not finance more than ninety percent of the purchase cost for eligible borrowers, and the act states that no interest shall be charged on the loans for the first year. The standards by which the Missouri agricultural and small business development authority consider each applicant are laid out in the act as is the allowance for a one-time loan review fee to be imposed. The act provides for a tax credit equal to one hundred percent of the amount for the interest waived by the lender for the first year of the loan. MASBDA shall issue the tax credits and shall do so at the request of any lender. The tax credits created in the act may be claimed in a taxable year on a quarterly basis and for any overpayment of taxes, the credits may be carried forward to any subsequent taxable year not to exceed three years. The act limits the amount of tax credits that may be issued to all eligible lenders in a fiscal year to two hundred thousand dollars. MEGAN WORD
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