HB 1331 -- Agricultural Relief

Sponsor:  Patek

Currently, a person who contributes funds to the Missouri
Agricultural and Small Business Development Authority may
receive a tax credit for such contribution and members of a new
generation cooperative investing in a new generation cooperative
may receive a tax credit for such investment of the lesser of
50% of the investment or $15,000.  This bill increases the
maximum tax credit receivable by a member of a new generation
cooperative investing in the cooperative to the lesser of 50% of
the investment or $50,000.  The bill increases several other
dollar amounts relating to projects approved by the authority,
contributions to its fund, and the aggregate of tax credits
offered by the authority in certain years including:

(1)  The amount of tax credits which may be offered for one
project is increased to $5 million (currently $150,000);

(2)  The ceiling on the aggregate of tax credits offered to
contributors and members is increased to $30 million (currently
$6 million);

(3)  In fiscal year 2000, up to $20 million (currently up to $3
million) in investor tax credits are to be issued by the
authority with the remaining tax credits to be issued to
contributors;

(4)  Beginning fiscal year 2001, the authority is to determine
the amount of tax credits issued to contributors and investors.
The investor portion of tax credits is not to exceed $20 million
(currently $6 million); and

(5)  The balance of funds available to the authority is not to
exceed $30 million (currently $12 million).