House passes revisions in agriculture tax credits

JEFFERSON CITY, Mo. -- Tax credits for certain agriculture investments could become more valuable under a bill approved by the House on Wednesday. The bill, addressing several agriculture issues, now returns to the Senate for consideration of changes made by the House. Missouri offers credits against income taxes for investments in value-added agriculture projects, such as ethanol or biodiesel production. Some recipients sell the credits, to get money upfront. The bill would allow the credits to be applied on a quarterly basis, which could make them more attractive to potential buyers. It also would allow people to apply the credits to the three previous tax years as well as the current standard of up to five years after they are received.

The measure also provides that business documents submitted to the state Agriculture Department that contain competitive information, such as financial investments, would not be public records.

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Agriculture bill is SB740.

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Missouri Legislature: www.moga.state.mo.us