SB 986 - This act modifies several provisions relating to tax credits.WOOD ENERGY TAX CREDIT
A tax credit for the production of certain wood-energy processed wood products expired on June 30, 2020. This act extends the tax credit until June 30, 2028. (Section 135.305)
This provision is identical to SB 677 (2022), HB 1862 (2022), SB 127 (2021), HB 393 (2021), SB 674 (2020), and HB 2274 (2020), and to a provision contained in SB 644 (2022), SS/SCS/SB 354 (2021), HCS/HB 601 (2021), HCS/HB 693 (2021), SS/SCS/HB 948 (2021), HCS/SS/SCS/SB 570 (2020), HCS/SCS/SB 616 (2020), HCS/SS#2/SB 704 (2020), and SB 454 (2019), and is substantially similar to a provision in CCS/SS/SCS/HCS/HB 1720 (2022).
MEAT PROCESSING FACILITIES TAX CREDIT
Current law authorizes the Meat Processing Facility Investment Tax Credit for the expansion or modernization of meat processing facilities, with such tax credit program to expire December 31, 2021. This act extends such tax credit until December 31, 2028.
This act also modifies the definition of "taxpayer" to require that a taxpayer shall own a meat processing facility located in this state and employs a combined total of fewer than 500 individuals in all meat processing facilities owned by the individual in the United States.
Current law limits the total amount of tax credits that may be authorized in a calendar for the Meat Processing Facilities tax credit and the Qualified Beef tax credit to $2 million. This act allows $2 million in tax credits for the Meat Processing Facilities tax credit without regard for the amount of Qualified Beef tax credits issued. (Section 135.686)
This provision is substantially similar to HB 2126 (2022), SB 355 (2021), and to a provision in CCS/SS/SCS/HCS/HB 1720 (2022), SB 644 (2022), SS/SCS/SB 354 (2021), HCS/HB 601 (2021), SS/SCS/HB 948 (2021), and HCS/HB 1095 (2021).
AGRICULTURAL PRODUCTION TAX CREDITS
Current law authorizes tax credits for contributions to the Missouri Agriculture and Small Business Development Authority and investments in new generation cooperatives for the purpose of development of agricultural business, with such tax credit programs to expire December 31, 2021. This act extends such tax credits until December 31, 2028. (Section 348.436)
This provision is identical to SB 866 (2022) and HB 2172 (2022), and to a provision contained in SB 644 (2022), SB 1091 (2022), CCS/SS/SCS/HCS/HB 1720 (2022), SS/SCS/SB 354 (2021), HCS/HB 601 (2021), HCS/HB 693 (2021), and SS/SCS/HB 948 (2021).
JOSH NORBERG