HCS HB 1182 -- TAX CREDITS

SPONSOR:  Myers (Munzlinger)

COMMITTEE ACTION:  Voted "do pass" by the Committee on
Agriculture by a vote of 22 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 generation
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 entities, 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 stock insurance fund.

The substitute decreases the required number of employees in an
employee-qualified capital project from 100 to 60 for investors
to receive a New Generation Cooperative Incentive Tax Credit.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill provides more
flexibility in the redemption of both Agricultural Product
Utilization Contributor Tax Credits and New Generation
Cooperative Incentive Tax Credits.

Testifying for the bill were Representative Munzlinger; Missouri
Farm Bureau; Missouri Soybean Association; Missouri Corn Growers
Association; Missouri Cattlemens Association; and Missouri Ag
Industries Council, Inc.

OPPONENTS:  There was no opposition voiced to the committee.

Roland Tackett, Legislative Analyst

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:14 am