HB 1346 -- Qualified Investor Incentive Tax Credit

Sponsor:  Myers

This bill authorizes the qualified investor incentive tax credit.
Any qualified entity investing in a new generation cooperative or
new generation processing entity will be eligible to receive a
tax credit equal to the lesser of 50% of the entity's investment
or $15,000.  The tax credit may be claimed on a quarterly basis
and applied to the estimated quarterly tax, carried back to any
of the qualified investor's three prior taxable years, carried
forward to any five subsequent taxable years, assigned,
transferred, or sold.

Currently, agricultural tax credits are not to exceed $6 million
in the aggregate in any fiscal year.  The bill increases the
maximum amount to $20 million for fiscal years 2007 through 2010.

In order for a new generation cooperative or new generation
processing entity formed after the effective date of the bill to
participate in the Missouri Linked Deposit Program or the
Agricultural Tax Credit Program, at least 75% of its producer
members must be Missouri residents and offer qualified producers
the opportunity to invest in the cooperative or processing entity
prior to offering the opportunity to qualified investor entities.
Any remaining investment opportunity may be offered to
unqualified investors.  An unqualified investor is a person
investing in a new generation cooperative or new generation
processing entity who has a gross yearly income of $10 million or
more, and he or she will not be eligible to receive the tax
credit.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:43 am