CCS HCS SB 1017 -- AGRICULTURAL PROGRAMS

Currently, the Department of Health and Senior Services and the
Department of Agriculture are responsible for ensuring
appropriate and effective enforcement of the state milk standards
based on an annual official rating survey.  This bill replaces
the state agencies with the State Milk Board as the official
rating agency and requires that the surveys be conducted at least
biannually.

The bill establishes the Family Farms Act which will allow small
farmers who have obtained a loan for the purchase of breeding
livestock a waiver of the interest payments for the first year.
A small farmer will be eligible for one family farm loan, and the
loan proceeds must be spent on one type of livestock.  The
maximum amount of a loan will be:

(1)  $75,000 for beef cattle;

(2)  $75,000 for dairy cattle;

(3)  $35,000 for swine; and

(4)  $30,000 for sheep and goats.

The Agricultural and Small Business Development Authority will
administer the program and may charge a one-time fee of 1% of the
loan amount.  The bill will allow a lender to apply to the
authority for a tax credit in an amount equal to the amount of
interest which would have otherwise been paid in the first year
by the small farmer.  Upon approval, the authority will issue a
tax credit for taxes otherwise due in the year the credit was
issued.  The credit may be used to satisfy quarterly tax
obligations, and any unused portion may be carried forward up to
three years.  The maximum amount of tax credits that can be
issued in a year is $150,000.

The bill contains small farmer qualification requirements and
specifies the duties of the authority in administering the
program.

The per-employee maximum amount of a loan under the Linked
Deposit Program that an eligible job enhancement business may
borrow from an eligible lending institution is raised from
$25,000 to $50,000.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:47 am