SB 17 - This act modifies several provisions relating to agricultural economic opportunities.AGRICULTURAL PRODUCTION TAX CREDITS
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 expired on December 31, 2021. This act extends such tax credits until December 31, 2028. (Section 348.436)
FAMILY FARMS ACT
In current law, "small farmer" is defined in the Family Farms Act as a farmer who is a Missouri resident and who has less than $250,000 in gross sales per year. This act changes the amount of gross sales to less than $500,000 per year.
The act repeals a provision that each small farmer is eligible for only one family farm livestock loan per family and for only one type of livestock.
Additionally, the maximum amount of the family farm livestock loan for each type of livestock under the act is as follows:
• Beef cattle: $150,000
• Dairy cattle: $150,000
• Swine: $70,000; and
• Sheep & goats: $60,000
This provision is identical to SB 817 (2022), HB 1596 (2022), SB 490 (2021), and HB 645 (2021), and to provisions in CCS/SS/SCS/HCS/HB 1720 (2022), SCS/SB 705 (2022), SCS/SB 750 (2022), HCS/HB 601 (2021), and is similar to SB 868 (2020) and HB 2041 (2020). (Section 348.500)
This act contains an emergency clause.
JOSH NORBERG