HB 2167 -- Promoting Missouri Food Products Act

Sponsor:  Grill

This bill establishes the Promoting Missouri Food Products Act
which authorizes, beginning January 1, 2008, a tax credit for
purchases of Missouri food products by any taxpayer owning a
retail grocery store or similar establishment with sales of
Missouri food products totaling at least 15% of his or her gross
annual sales.  The tax credit will be 10% of the purchase price
paid to a Missouri farmer or producer for the food products.

The cumulative amount of tax credits issued in a fiscal year
cannot exceed $5 million.  If the amount of tax credits claimed
in any fiscal year exceeds $5 million, the Director of the
Department of Revenue will establish a procedure by which the
cumulative amount of tax credits is equally apportioned among all
qualifying taxpayers.  The tax credit will be claimed when the
qualifying taxpayer files a Missouri income tax return that is
accompanied by certified documents and information required by
the department director.  The tax credit is nonrefundable and
cannot be transferred, sold, or assigned.

The provisions of the bill will expire December 31 six years from
the effective date.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:12 pm