Ag groups urge renewal of MASBDA tax credits
Several state ag groups are urging lawmakers to renew three tax credits through the Missouri Agriculture & Small Business Development Authority (MASBDA) that expire at the end of this year.
Casey Wasser with Missouri Soybean Association says the tax credits don’t receive any general revenue funding and one of them is responsible for standing up the biodiesel industry in Missouri.
“That (New Generation Cooperative Incentive Tax Credit) created farmer investment. It created that opportunity to invest in biodiesel plants, to receive those dividends.”
He says the Meat Processing Facility Investment Tax credit is another important one especially after the early effects of the pandemic backed up meat processing at large facilities.
“So we were very glad to see some money in the budget last year and I think that was well utilized. And the Department of Ag and the Director Chris Chinn did a very fantastic job implementing that program on very short notice.”
“I live in California, Missouri and there was a processor that opened up just in time for the Moniteau County fair to be able to process all the beef sold there and I hope that smaller ones continue to see that as a great opportunity for some small rural investment.”
Wasser says all three credits mean jobs and added value in agriculture and this session is the only time to renew them.
Missouri Corn Growers and Missouri Farm Bureau are among the groups that support the tax credit renewals. The legislative session began January 6th but the Missouri House has cancelled proceedings this week because of COVID-19 cases among members.