CIERPIOT, RIDGEWAY, NAEGER, SCOTT, MURPHY, KLINDT, GIBBONS, SECREST,
BARTELSMEYER, CRAWFORD, HANAWAY, GASKILL, ROBIRDS, GRAHAM (106), REINHART,
HOWERTON, MILLER, LONG, SHIELDS, WRIGHT, BALLARD, HARTZLER (123), MARBLE, MYERS,
LUETKEMEYER, ENZ, HOHULIN, PURGASON, SALLEE, GRIESHEIMER, FROELKER, BARNETT,
LOUDON, ROSS, KELLEY (47), PRYOR, OSTMANN, BERKSTRESSER, FOSTER,
SUMMERS, CHRISMER, SCHWAB, ALTER, BURTON, PATEK, TOWNLEY, NORDWALD, ELLIOTT,
BOATRIGHT, BLACK, RICHARDSON AND VOGEL.
Read 1st time February 3, 2000, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
AN ACT
To amend chapter 135, RSMo, relating to tax relief by adding thereto one new section relating to capital purchases by farmers.
Section A. Chapter 135.918, RSMo, is amended by adding thereto one new section, to be known as section 135.918, to read as follows:
135.918. This section shall be known and may be cited as the "Missouri Agricultural Investment Tax Credit Act".
For tax years beginning on or after January 1, 2000, but before December 31, 2004, an individual taxpayer who
qualifies as a farmer pursuant to Section 6654(i)(2) of Title 26 of the Internal Revenue Code or a corporate taxpayer
who qualifies as a farming corporation pursuant to chapter 350, RSMo, shall be allowed to claim a nonrefundable
credit against the tax otherwise due pursuant to chapter 143, RSMo, excluding sections 143.191 to 143.265, RSMo,
and related provisions, in an amount equal to ten percent of the cost of any item which is allowable as an expensing
election pursuant to Section 179 of the Internal Revenue Code for the same tax year. The tax credit allowed
pursuant to this section shall not exceed five thousand dollars. An eligible taxpayer shall claim the credit allowed by
this section at the time such taxpayer files a return; provided that, a taxpayer who fails to timely file such taxpayer's
return, including extensions, shall not be eligible for a credit pursuant to this section. Any amount of credit that
exceeds the tax due for a taxpayer's tax year may be carried back to any of the taxpayer's three prior tax years or
carried forward to any of the taxpayer's five subsequent tax years. The department of revenue is authorized to
adopt any rules or regulations deemed necessary for the effective administration of this section. No rule or portion
of a rule promulgated pursuant to the authority of this section shall become effective unless it has been promulgated
pursuant to the provisions of chapter 536, RSMo.
Missouri House of Representatives