HB 1921 -- Income Tax: Agricultural Investment Tax Credit
Co-Sponsors: Hartzler (124), Blunt, Legan
This bill creates the Missouri Agricultural Investment Tax
Taxpayers who qualify as farmers under federal and state law
will be allowed to take a 10% state income tax credit for the
cost of any item which is allowed as an expensing item election
under federal law. The maximum credit will be $5,000 per
taxpayer per year.
The credit is not refundable, but excess credits may be carried
back 3 tax years or forward 5 tax years.
The credit will apply to tax years 2000 and thereafter.
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Last Updated October 5, 2000 at 11:35 am