New Missouri Tax Credits available

The Missouri Agricultural and Small Business Development Authority (MASBDA) is now accepting applications for tax credit programs to benefit the state’s meat processors and specialty crop producers.

“We are excited to support two valuable aspects of Missouri agriculture,” said Director of Agriculture Chris Chinn. “The availability of local meat processing services is vital to the success of livestock producers across the state. More processing capacity in Missouri helps local economies through increased livestock feed and farm supply sales, and offers an additional revenue stream to farmers and ranchers.”

The Meat Processing Facility Investment Tax Credit program provides a tax credit to meat processors who invest in modernizing or expanding their facility through the purchase of equipment, improvements to their existing facility, or the construction of a new facility. Meat processors may receive a tax credit of up to 25% of eligible expenses, not to exceed $75,000 per facility per year.

“The production of specialty crops is an expanding aspect of Missouri agriculture,” said MASBDA Executive Director Jill Wood. “From orchards and berry farms in rural Missouri to the growing interest in urban agriculture and increasing the availability of fresh produce in those areas, producers will benefit from this new opportunity.”

The Specialty Agricultural Crops Loan Program authorizes a tax credit to a lender in lieu of a family farmer paying the first year’s interest payment on a loan for specialty crop resources.

A family farmer may borrow up to $35,000 to purchase farming resources, including seeds or seedlings, soil amendments, irrigation equipment, season extension equipment and planting equipment. A full list of eligible items is included in the program guidelines.

Full program information and applications for both programs are available at masbda.com. For more information please contact the MASBDA team by phone at (573) 751-2129 or by email at masbda@mda.mo.gov.