JEFFERSON CITY, MO. — On Oct. 5, Missouri Gov. Mike Parson signed House Bill 3 into law, which extends and creates $40 million in annual tax credits to support the state’s agriculture industry. The extension lasts for at least six years.
Earlier, Parson vetoed a similar bill that stipulated an extension of only two years, which the governor believed to be too short.
In addition to extending and creating tax credits and exemptions for meat processors, farmers, ethanol and biodiesel dealers, and other agricultural players, the legislation modifies the definition of “small farmer” in the Family Farms Act to increase participation.
“These wins will help further develop Missouri’s agriculture industry, create opportunities for farmers, ranchers and ag-businesses and help ensure Missouri agriculture remains not only our state’s top economic driver but that its spirit and tradition continues to live on in the next generations,” Parson said. “We thank all of Missouri’s agriculture groups for their trust in us to get this done. We appreciate their leadership and commitment in securing a better deal for Missouri’s farm and ranch families.”