This week, Missouri senators wrapped up the special session by passing $40 million in annual tax credits for farmers, ranchers, and agriculture-related businesses. Senators voted 26-3 in favor of HB 3, which included tax credits to meat processing plants, biodiesel companies, ethanol fuel, and urban farms. The bill primarily renewed tax credits that had expired. It also expanded government loan programs for farmers. HB 3 mirrors legislation passed during the regular legislative session, but was vetoed by Governor Mike Parson because it put a two-year sunset on the programs – versus the six-year extension in this bill. Governor Parson signed the tax credit bill for farmers and the tax cut for individuals, which was passed by the legislature last week, into law Wednesday.
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