HCS HB 257 -- TAX CREDITS

SPONSOR:  Myers (Munzlinger)

COMMITTEE ACTION:  Voted "do pass" by the Committee on
Agriculture by a vote of 21 to 0 with 1 present.

This substitute allows tax credits for investments in eligible
new generation cooperatives or new generation processing entities
to be taken against estimated quarterly taxes paid.

The substitute also adds new generation cooperative tax credits
to the restriction that the tax credits taken against insurance
premiums will not reduce moneys transferred to the county foreign
insurance fund.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill facilitates business
entities purchase of tax credits from producers investing in a
eligible new generation cooperative or an eligible new generation
processing entity at a higher rate of exchange.  The bill also
allows agricultural product utilization contributor tax credits
to be purchased by business entities from persons contributing to
the Agricultural Product Utilization Grant Fund at a higher rate
of exchange.

Testifying for the bill were Representative Munzlinger; Missouri
Farm Bureau; John Egglestone, NEMO Grain Processing, Inc.; Rodger
Young, East Central Agricultural Products, Inc.; and Missouri
Corn Growers Association.

OPPONENTS:  There was no opposition voiced to the committee.

Roland Tackett, Legislative Analyst

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am