Texas County beef farmers would qualify for a tax credit under an economic development bill expected to be signed into law by Gov. Matt Blunt, who touted it as pivotal to the creation of thousands of jobs. The measure is among goodies included in the legislation that offers more than $66 million in new tax breaks.
Under the banner of economic development, the bill would expand or create tax credits for businesses, their investors, developers, beef cattle farmers and moviemakers. It even would legalize ticket scalping, which advocates contend could bring jobs to Missouri.
The “Qualified Beef Tax Credit Act” was passed during a special session of the Missouri General Assembly. It gives farmers a tax credit of 10 cents per pound based on a weight gain. The tax credit is calculated by the sale weight minus a “baseline” weight multiplied by 10 cents – as long is the sale is equal or greater than 200 pounds above the baseline.
The credit applies to beef animals born after Aug. 28, 2008. The program begins for the tax year beginning Jan. 1, 2009. It slated to end Dec. 31, 2016. No more than $3 million in tax credits can be issued in any given year.