HCS HB 308 -- NEW GENERATION COOPERATIVES

SPONSOR:  Wiggins (Clayton)

COMMITTEE ACTION:  Voted "do pass" by the Committee on
Agriculture by a vote of 23 to 0.

This bill creates an additional kind of new generation
cooperative agricultural project which qualifies for tax credits
from the Agricultural Product Utilization Tax Credit Fund.  A
new generation cooperative with an investment of $15 million or
more and employing at least 100 employees will be eligible for
up to $3 million in tax credits.

The bill also requires that, beginning January 1, 2002, all new
members qualifying for tax credits for investing in new
generation cooperatives are to be domiciled in the state of
Missouri.

The bill has an emergency clause.

FISCAL NOTE:  Not available at time of printing.

PROPONENTS:  Supporters say that the bill is necessary to help
promote large value-added new generation cooperatives.

Testifying for the bill were Representative Clayton; Missouri
Farmers Union; and Missouri Farm Bureau.

OPPONENTS:  There was no opposition voiced to the committee.

Roland Tackett, Legislative Analyst

Missouri House of Representatives
Last Updated November 26, 2001 at 11:43 am