Missouri governor calls for special session to create, extend key ag, biofuel tax credits
Missouri Gov. Mike Parson called for a special legislative session Aug. 22 to make historic income tax cuts, and to create and extend key agricultural and biofuel tax-credit programs for a minimum of six years. The General Assembly will meet Sept. 6 in Jefferson City to begin consideration of the governor’s proposed legislation.
“My team and I have been working with our colleagues in the General Assembly and agriculture partners to formulate a plan to adequately extend our critical agriculture tax-credit programs and pass the largest income tax cut in state history,” Parson said. “Today, we believe we have that plan and are ready to call legislators back to Jefferson City to get to work on behalf of our farmers, ranchers and business owners and provide lasting tax relief to every taxpaying Missourian.”
The extension and creation of several agriculture tax-credit programs are intended to help develop key areas of Missouri’s agricultural industry, the state’s top economic driver. The sunset for each program will be for a minimum of six years. These include:
Extending the expiration of the meat processing facility investment tax credit
Creating a tax-credit program for retail dealers of higher ethanol blend fuels
Creating a tax-credit program for retail dealers of biodiesel
Creating a tax-credit program for Missouri biodiesel producers
Creating a tax-credit program for establishing or improving urban farming operations
Extending the expiration of the Rolling Stock Tax Credit program
Extending the expiration of the Agricultural Product Utilization Contributor Tax Credit
Extending the expiration of the New Generation Cooperative Incentive Tax Credit
Exempting utility vehicles for agriculture use from state and local sales and use taxes
Creating the Specialty Agricultural Crops Act
And amending the Family Farms Act to modify the definition of small farmer
State agriculture organizations—including The Missouri Agribusiness Association, Missouri Cattlemen’s Association, Missouri Corn Growers Association, Missouri Farm Bureau Federation, Missouri Forest Products Association, Missouri Pork Association, and Missouri Soybean Association—support the special session and provided the following statement.
“Following Gov. Parson’s call for a special session, Missouri’s commodity groups and agribusiness associations are committed to working with elected officials to fully extend agriculture and rural tax credits for a minimum of six years needed in business development,” the groups stated. “For over two decades, tax-credit programs housed in the Missouri Department of Agriculture have helped local butchers and meat processors expand, grow the reach of farmer-owned cooperatives, and build the foundation for Missouri’s renewable fuel industry. It is supporting local jobs by spurring investments in value-added processing facilities. This helps keep more of the benefits of Missouri agriculture in rural communities in nearly every corner of our state. It is easy to recite how agriculture is Missouri’s top economic driver. However, words are nothing without action. We support Gov. Parson’s call for a special session to continue making smart investments today that will pay dividends and build this state’s economic base for decades to come.”
