SB 15 - This act establishes the "Specialty Agricultural Crops Act". Under the act, the Missouri Agricultural and Small Business Development Authority (MASBDA) shall establish a specialty agricultural crops loan program for family farmers for purposes listed in the act.
To participate in the loan program, a family farmer, as defined in the act, shall first obtain approval for a specialty agricultural crops loan from a lender. Each family farmer shall be eligible for only one loan per family, and the maximum amount of the loan shall be $35,000.
Eligible borrowers shall follow conditions set forth in the act. Once a loan is approved by a lender, the loan shall be submitted to MASBDA for approval. Any eligible lender under the loan program shall be entitled to receive a tax credit equal to 100% of the amount of interest waived by the lender on a qualifying loan for the first year of the loan only.
MASBDA shall be responsible for the administration and issuance of the certificate of tax credits.
These provisions shall sunset after six years, unless reauthorized by the General Assembly. (Sections 348.491 and 348.493)
These provisions are substantially similar to SB 1157 (2022), HB 2720 (2022), and HB 2762 (2022), and to provisions in CCS/SS/SCS/HCS/HB 1720 (2022).
JOSH NORBERG