SB 879 – Modifies the maximum amount of certain agricultural tax credits that may be issued each fiscal year and extends the expiration date for the tax credits

• Sponsor: Clemens
• LR Number: 3370S.02I
• Committee: Agriculture, Conservation, Parks & Natural Resources
• Last Action: 1/15/2008 - Second Read and Referred S Agriculture, Conservation, Parks & Natural Resources Committee
• Journal Page: S89
• Effective Date: August 28, 2008

Current Bill Summary

SB 879 - This 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.

Currently, both tax credit programs are scheduled to expire on December 31, 2010. The act extends the expiration date until December 31, 2016.

This act is similar to SB 489 (2007) and HB 346 (2007).

ERIKA JAQUES