Missouri Gov. Michael Parson (R) and lawmakers are in a special session to consider tax changes, including extending and creating agricultural tax credits.
Parson wants to extend the meat processing tax credit by six years and create tax credits for biodiesel and urban farming. According to the Missouri Department of Agriculture, about $2 million in tax credits are available each year for processing facilities for modernization and expansion, with a cap of $75,000 per year. In 2021, the department provided approximately $1.3 million to processing facilities.
The meat processing credit is used to offset state corporate taxes. Jill Wood, executive director of the Missouri Agricultural and Small Business Development Authority at the Department of Agriculture, told local news outlet KMIZ the tax credits were started during the pandemic to expand processing and modernize facilities.
“That’s a tax credit that goes to meat processors for expansion of their processing facility so that benefits farmers by more capacity to process meat,” Wood said.
