HB 630 -- Tax Credit for Certain Cattle Sales

Sponsor:  Schlottach

This bill establishes the Qualified Beef Tax Credit Act which
authorizes the Missouri Agricultural and Small Business
Development Authority in the Department of Agriculture to issue a
tax credit certificate in an amount equal to 10 cents per pound
above 450 pounds when qualified beef cattle are sold and 10 cents
per pound if the weight of the qualified beef at a subsequent
sale is greater than the weight at the previous sale.  The beef
cattle must be born in Missouri after August 28, 2007, must not
be breeding stock, and must have been raised and finished instate
to qualify for the tax credit.  The authority will require
submission of an application for the tax credit including certain
information which will be confidential.

The tax credit must be claimed in the year the qualifying sale
occurs; but any unused portion may be carried back three taxable
years, carried forward five taxable years, assigned, transferred,
or sold.  The maximum amount of tax credits that may be claimed
beginning January 1, 2009, and ending December 31, 2016, is $10
million in any tax year but cannot exceed $30 million in total.
If the demand among qualified applicants for tax credits exceeds
$10 million in any year, the tax credits will be prorated among
the qualified applicants.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:20 am