HCS SCS SB 84 -- TAX CREDITS

SPONSOR:  Cauthorn (Munzlinger)

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

This substitute allows the following tax credits to be taken
against estimated quarterly taxes paid:

(1)  Credits for investments in eligible new general cooperatives
or eligible new generation processing entities; and

(2)  Credits received for contributions to the Agricultural
Product Utilization Grant Fund.

The substitute adds eligible new generation cooperatives,
eligible new generation processing entity, and agricultural
product utilization contributor 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 substitute facilitates
business entities purchase of tax credits from producers
investing in an eligible new generation cooperative or an
eligible new generation processing entity at a higher rate of
exchange.  The substitute 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 Senator Cauthorn; Portable Equity
Partners; and Missouri Farm Bureau.

OPPONENTS:  There was no opposition voiced to the committee.

Roland Tackett, Legislative Analyst

Missouri House of Representatives
Last Updated July 25, 2003 at 10:13 am