SCS/SB 30 - This act modifies provisions relating to tax credits.WOOD ENERGY TAX CREDIT
A tax credit for the production of certain wood-energy processed wood products expires on June 30, 2028. This act repeals such sunset. (Section 135.305)
MEAT PROCESSING FACILITIES TAX CREDIT
The Meat Processing Facility Investment Tax Credit for the expansion or modernization of meat processing facilities expires on December 31, 2028. This act repeals such sunset. (Section 135.686)
HIGHER ETHANOL FUEL TAX CREDIT
A tax credit for the sale of higher ethanol blend fuels expires on December 31, 2028. This act repeals such sunset. (Section 135.772)
BIODIESEL RETAIL SALE TAX CREDIT
A tax credit for the sale of biodiesel fuels expires on December 31, 2028. This act repeals such sunset.
This act provides that a taxpayer shall not be liable for penalties or interest on an income tax balance due if such taxpayer is denied part or all of a tax credit to which the taxpayer has qualified due to lack of available funds, and such denial causes a balance-due notice to be generated by the Department of Revenue or any other redeeming agency. Such taxpayer shall pay the balance due within sixty days or be subject to penalties and interest pursuant to current law. (Section 135.775)
BIODIESEL PRODUCTION TAX CREDIT
A tax credit for the production of biodiesel fuels expires on December 31, 2028. This act repeals such sunset. (Section 135.778)
URBAN FARMS TAX CREDIT
A tax credit for the establishment or improvement of urban farms expires on December 31, 2028. This act repeals such sunset. (Section 135.1610)
ROLLING STOCK TAX CREDIT
A tax credit for eligible expenses incurred in the manufacture, maintenance, or improvement of a freight line company's qualified rolling stock expires on August 28, 2028. This act repeals such sunset. (Section 137.1018)
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 expire on December 31, 2028. This act repeals such sunset. (Section 348.436)
SPECIALTY AGRICULTURAL CROPS
The "Specialty Agricultural Crops Act" loan program for family farmers and tax credits for lenders expires on December 31, 2028. This act repeals such sunset. (Sections 348.491 and 348.493)
This act is substantially similar to SB 958 (2024).
JOSH NORBERG