Bill Text: MO HB841 | 2013 | Regular Session | Introduced
Bill Title: Authorizes a tax credit for qualifying milk producers in Missouri
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2013-04-03 - Public Hearing Completed (H) [HB841 Detail]
Download: Missouri-2013-HB841-Introduced.html
FIRST REGULAR SESSION
97TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES ROSS (Sponsor), DUGGER, FRAKER AND REIBOLDT (Co-sponsors).
2047H.01I D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 135, RSMo, by adding thereto one new section relating to tax credits for milk producers.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.1590, to read as follows:
135.1590. 1. This section shall be known and may be cited as the “Show-Me Milk and Infrastructure Stabilization Act”.
2. As used in this section, the following terms mean:
(1) “Department”, the department of agriculture;
(2) “Director”, the director of the department of agriculture;
(3) “Qualified milk producer”, any resident taxpayer actively engaged in business as a producer of grade A milk.
3. For all taxable years beginning on or after January 1, 2012, a qualified milk producer shall be allowed a tax credit against the state tax liability incurred under chapter 143, excluding withholding tax imposed by sections 143.191 to 143.265, at a rate of the quantity of the total aggregate allowable credit per year divided by the department’s estimate of the number of currently active dairy cows in the state divided by the average number of pounds of milk per cow per year. The maximum credit allowed to a qualified milk producer shall not exceed twenty-five thousand dollars per year.
4. Taxpayers shall apply for the milk production tax credit by submitting an application to the department of agriculture, on a form provided by the department. As part of the application, the taxpayer shall provide his or her producer identification number and documentation as to the amount of milk produced by his or her operation during the tax credit allowance period.
5. On or before January 1, 2015, the director, or his or her designee, shall issue a report, and make such report available for public inspection, on the total number of pounds of milk produced by each qualified milk producer in each of the three preceding calendar years.
6. The total aggregate amount of tax credits authorized under this section shall not exceed fifteen million dollars in a calendar year.
7. The tax credit authorized by this section shall not be refundable or transferable, and must be used in the year in which it is issued. Tax credits earned by a partnership, limited liability company, S-corporation, or other pass-through entity may be allocated to the partners, members, or shareholders of such entity for their direct use in accordance with the provisions of any agreement among such partners, members, or shareholders.
8. Under section 23.253 of the Missouri sunset act:
(1) The provisions of the new program authorized under this section shall automatically sunset three years after January 1, 2012, unless reauthorized by an act of the general assembly; and
(2) If such program is reauthorized, the program authorized under this section shall automatically sunset one year after the effective date of the reauthorization of this section; and
(3) This section shall terminate on September first of the calendar year immediately following the calendar year in which the program authorized under this section is sunset.
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