135.679. 1. This section shall be known and may be cited as the"Qualified Beef Tax Credit Act".
2. As used in this section, the following terms mean:
(1) "Agricultural property", any real and personal property,including but not limited to buildings, structures, improvements,equipment, and livestock, that is used in or is to be used in this state byresidents of this state for:
(a) The operation of a farm or ranch; and
(b) Grazing, feeding, or the care of livestock;
(2) "Authority", the agricultural and small business developmentauthority established in chapter 348, RSMo;
(3) "Backgrounded", any additional weight at the time of the firstqualifying sale, before being finished, above the established baselineweight;
(4) "Baseline weight", the average weight in the immediate past threeyears of all beef animals sold that are thirty months of age or younger,categorized by sex. Baseline weight for qualified beef animals that arephysically out-of-state but whose ownership is retained by a resident ofthis state shall be established by the average transfer weight in theimmediate past three years of all beef animals that are thirty months ofage or younger and that are transferred out-of-state but whose ownership isretained by a resident of this state, categorized by sex. The establishedbaseline weight shall be effective for a period of three years. If thetaxpayer is a qualifying beef animal producer with fewer than three yearsof production, the baseline weight shall be established by the availableaverage weight in the immediate past year of all beef animals sold that arethirty months of age or younger, categorized by sex. If the qualifyingbeef animal producer has no previous production, the baseline weight shallbe established by the authority;
(5) "Finished", the period from backgrounded to harvest;
(6) "Qualifying beef animal", any beef animal that is certified bythe authority, that was born in this state after August 28, 2008, that wasraised and backgrounded or finished in this state by the taxpayer,excluding any beef animal more than thirty months of age as verified bycertified written birth records;
(7) "Qualifying sale", the first time a qualifying beef animal issold in this state after the qualifying beef animal is backgrounded, and asubsequent sale if the weight of the qualifying beef animal at the time ofthe subsequent sale is greater than the weight of the qualifying beefanimal at the time of the first qualifying sale of such beef animal;
(8) "Tax credit", a credit against the tax otherwise due underchapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to143.265, RSMo, or otherwise due under chapter 147, RSMo;
(9) "Taxpayer", any individual or entity who:
(a) Is subject to the tax imposed in chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, or the taximposed in chapter 147, RSMo;
(b) In the case of an individual, is a resident of this state asverified by a 911 address or in the absence of a 911 system, a physicaladdress; and
(c) Owns or rents agricultural property and principal place ofbusiness is located in this state.
3. For all taxable years beginning on or after January 1, 2009, butending on or before December 31, 2016, a taxpayer shall be allowed a taxcredit for the first qualifying sale and for a subsequent qualifying saleof all qualifying beef animals. The tax credit amount for the firstqualifying sale shall be ten cents per pound, shall be based on thebackgrounded weight of all qualifying beef animals at the time of the firstqualifying sale, and shall be calculated as follows: the qualifying saleweight minus the baseline weight multiplied by ten cents, as long as thequalifying sale weight is equal to or greater than two hundred pounds abovethe baseline weight. The tax credit amount for each subsequent qualifyingsale shall be ten cents per pound, shall be based on the backgroundedweight of all qualifying beef animals at the time of the subsequentqualifying sale, and shall be calculated as follows: the qualifying saleweight minus the baseline weight multiplied by ten cents, as long as thequalifying sale weight is equal to or greater than two hundred pounds abovethe baseline weight. The authority may waive no more than twenty-fivepercent of the two hundred pound weight gain requirement, but any suchwaiver shall be based on a disaster declaration issued by the U. S.Department of Agriculture.
4. The amount of the tax credit claimed shall not exceed the amountof the taxpayer's state tax liability for the taxable year for which thecredit is claimed. No tax credit claimed under this section shall berefundable. The tax credit shall be claimed in the taxable year in whichthe qualifying sale of the qualifying beef occurred, but any amount ofcredit that the taxpayer is prohibited by this section from claiming in ataxable year may be carried forward to any of the taxpayer's fivesubsequent taxable years and carried backward to any of the taxpayer'sthree previous taxable years. The amount of tax credits that may be issuedto all eligible applicants claiming tax credits authorized in this sectionin a fiscal year shall not exceed three million dollars. Tax credits shallbe issued on an as-received application basis until the fiscal year limitis reached. Any credits not issued in any fiscal year shall expire andshall not be issued in any subsequent years.
5. To claim the tax credit allowed under this section, the taxpayershall submit to the authority an application for the tax credit on a formprovided by the authority and any application fee imposed by the authority.The application shall be filed with the authority at the end of eachcalendar year in which a qualified sale was made and for which a tax creditis claimed under this section. The application shall include any certifieddocumentation and information required by the authority. All requiredinformation obtained by the authority shall be confidential and notdisclosed except by court order, subpoena, or as otherwise provided by law.If the taxpayer and the qualified sale meet all criteria required by thissection and approval is granted by the authority, the authority shall issuea tax credit certificate in the appropriate amount. Tax creditcertificates issued under this section may be assigned, transferred, sold,or otherwise conveyed, and the new owner of the tax credit certificateshall have the same rights in the tax credit as the original taxpayer.Whenever a tax credit certificate is assigned, transferred, sold orotherwise conveyed, a notarized endorsement shall be filed with theauthority specifying the name and address of the new owner of the taxcredit certificate or the value of the tax credit.
6. Any information provided under this section shall be confidentialinformation, to be shared with no one except state and federal animalhealth officials, except as provided in subsection 5 of this section.
7. The authority may promulgate rules to implement the provisions ofthis section. Any rule or portion of a rule, as that term is defined insection 536.010, RSMo, that is created under the authority delegated inthis section shall become effective only if it complies with and is subjectto all of the provisions of chapter 536, RSMo, and, if applicable, section536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and ifany of the powers vested with the general assembly pursuant to chapter 536,RSMo, to review, to delay the effective date, or to disapprove and annul arule are subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2007, shall beinvalid and void.
8. This section shall not be subject to the Missouri sunset act,sections 23.250 to 23.298, RSMo.
135.679. 1. This section shall be known and may be cited as the"Qualified Beef Tax Credit Act".
2. As used in this section, the following terms mean:
(1) "Agricultural property", any real and personal property,including but not limited to buildings, structures, improvements,equipment, and livestock, that is used in or is to be used in this state byresidents of this state for:
(a) The operation of a farm or ranch; and
(b) Grazing, feeding, or the care of livestock;
(2) "Authority", the agricultural and small business developmentauthority established in chapter 348, RSMo;
(3) "Backgrounded", any additional weight at the time of the firstqualifying sale, before being finished, above the established baselineweight;
(4) "Baseline weight", the average weight in the immediate past threeyears of all beef animals sold that are thirty months of age or younger,categorized by sex. Baseline weight for qualified beef animals that arephysically out-of-state but whose ownership is retained by a resident ofthis state shall be established by the average transfer weight in theimmediate past three years of all beef animals that are thirty months ofage or younger and that are transferred out-of-state but whose ownership isretained by a resident of this state, categorized by sex. The establishedbaseline weight shall be effective for a period of three years. If thetaxpayer is a qualifying beef animal producer with fewer than three yearsof production, the baseline weight shall be established by the availableaverage weight in the immediate past year of all beef animals sold that arethirty months of age or younger, categorized by sex. If the qualifyingbeef animal producer has no previous production, the baseline weight shallbe established by the authority;
(5) "Finished", the period from backgrounded to harvest;
(6) "Qualifying beef animal", any beef animal that is certified bythe authority, that was born in this state after August 28, 2008, that wasraised and backgrounded or finished in this state by the taxpayer,excluding any beef animal more than thirty months of age as verified bycertified written birth records;
(7) "Qualifying sale", the first time a qualifying beef animal issold in this state after the qualifying beef animal is backgrounded, and asubsequent sale if the weight of the qualifying beef animal at the time ofthe subsequent sale is greater than the weight of the qualifying beefanimal at the time of the first qualifying sale of such beef animal;
(8) "Tax credit", a credit against the tax otherwise due underchapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to143.265, RSMo, or otherwise due under chapter 147, RSMo;
(9) "Taxpayer", any individual or entity who:
(a) Is subject to the tax imposed in chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, or the taximposed in chapter 147, RSMo;
(b) In the case of an individual, is a resident of this state asverified by a 911 address or in the absence of a 911 system, a physicaladdress; and
(c) Owns or rents agricultural property and principal place ofbusiness is located in this state.
3. For all taxable years beginning on or after January 1, 2009, butending on or before December 31, 2016, a taxpayer shall be allowed a taxcredit for the first qualifying sale and for a subsequent qualifying saleof all qualifying beef animals. The tax credit amount for the firstqualifying sale shall be ten cents per pound, shall be based on thebackgrounded weight of all qualifying beef animals at the time of the firstqualifying sale, and shall be calculated as follows: the qualifying saleweight minus the baseline weight multiplied by ten cents, as long as thequalifying sale weight is equal to or greater than two hundred pounds abovethe baseline weight. The tax credit amount for each subsequent qualifyingsale shall be ten cents per pound, shall be based on the backgroundedweight of all qualifying beef animals at the time of the subsequentqualifying sale, and shall be calculated as follows: the qualifying saleweight minus the baseline weight multiplied by ten cents, as long as thequalifying sale weight is equal to or greater than two hundred pounds abovethe baseline weight. The authority may waive no more than twenty-fivepercent of the two hundred pound weight gain requirement, but any suchwaiver shall be based on a disaster declaration issued by the U. S.Department of Agriculture.
4. The amount of the tax credit claimed shall not exceed the amountof the taxpayer's state tax liability for the taxable year for which thecredit is claimed. No tax credit claimed under this section shall berefundable. The tax credit shall be claimed in the taxable year in whichthe qualifying sale of the qualifying beef occurred, but any amount ofcredit that the taxpayer is prohibited by this section from claiming in ataxable year may be carried forward to any of the taxpayer's fivesubsequent taxable years and carried backward to any of the taxpayer'sthree previous taxable years. The amount of tax credits that may be issuedto all eligible applicants claiming tax credits authorized in this sectionin a fiscal year shall not exceed three million dollars. Tax credits shallbe issued on an as-received application basis until the fiscal year limitis reached. Any credits not issued in any fiscal year shall expire andshall not be issued in any subsequent years.
5. To claim the tax credit allowed under this section, the taxpayershall submit to the authority an application for the tax credit on a formprovided by the authority and any application fee imposed by the authority.The application shall be filed with the authority at the end of eachcalendar year in which a qualified sale was made and for which a tax creditis claimed under this section. The application shall include any certifieddocumentation and information required by the authority. All requiredinformation obtained by the authority shall be confidential and notdisclosed except by court order, subpoena, or as otherwise provided by law.If the taxpayer and the qualified sale meet all criteria required by thissection and approval is granted by the authority, the authority shall issuea tax credit certificate in the appropriate amount. Tax creditcertificates issued under this section may be assigned, transferred, sold,or otherwise conveyed, and the new owner of the tax credit certificateshall have the same rights in the tax credit as the original taxpayer.Whenever a tax credit certificate is assigned, transferred, sold orotherwise conveyed, a notarized endorsement shall be filed with theauthority specifying the name and address of the new owner of the taxcredit certificate or the value of the tax credit.
6. Any information provided under this section shall be confidentialinformation, to be shared with no one except state and federal animalhealth officials, except as provided in subsection 5 of this section.
7. The authority may promulgate rules to implement the provisions ofthis section. Any rule or portion of a rule, as that term is defined insection 536.010, RSMo, that is created under the authority delegated inthis section shall become effective only if it complies with and is subjectto all of the provisions of chapter 536, RSMo, and, if applicable, section536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and ifany of the powers vested with the general assembly pursuant to chapter 536,RSMo, to review, to delay the effective date, or to disapprove and annul arule are subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2007, shall beinvalid and void.
8. This section shall not be subject to the Missouri sunset act,sections 23.250 to 23.298, RSMo.
135.679. 1. This section shall be known and may be cited as the"Qualified Beef Tax Credit Act".
2. As used in this section, the following terms mean:
(1) "Agricultural property", any real and personal property,including but not limited to buildings, structures, improvements,equipment, and livestock, that is used in or is to be used in this state byresidents of this state for:
(a) The operation of a farm or ranch; and
(b) Grazing, feeding, or the care of livestock;
(2) "Authority", the agricultural and small business developmentauthority established in chapter 348, RSMo;
(3) "Backgrounded", any additional weight at the time of the firstqualifying sale, before being finished, above the established baselineweight;
(4) "Baseline weight", the average weight in the immediate past threeyears of all beef animals sold that are thirty months of age or younger,categorized by sex. Baseline weight for qualified beef animals that arephysically out-of-state but whose ownership is retained by a resident ofthis state shall be established by the average transfer weight in theimmediate past three years of all beef animals that are thirty months ofage or younger and that are transferred out-of-state but whose ownership isretained by a resident of this state, categorized by sex. The establishedbaseline weight shall be effective for a period of three years. If thetaxpayer is a qualifying beef animal producer with fewer than three yearsof production, the baseline weight shall be established by the availableaverage weight in the immediate past year of all beef animals sold that arethirty months of age or younger, categorized by sex. If the qualifyingbeef animal producer has no previous production, the baseline weight shallbe established by the authority;
(5) "Finished", the period from backgrounded to harvest;
(6) "Qualifying beef animal", any beef animal that is certified bythe authority, that was born in this state after August 28, 2008, that wasraised and backgrounded or finished in this state by the taxpayer,excluding any beef animal more than thirty months of age as verified bycertified written birth records;
(7) "Qualifying sale", the first time a qualifying beef animal issold in this state after the qualifying beef animal is backgrounded, and asubsequent sale if the weight of the qualifying beef animal at the time ofthe subsequent sale is greater than the weight of the qualifying beefanimal at the time of the first qualifying sale of such beef animal;
(8) "Tax credit", a credit against the tax otherwise due underchapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to143.265, RSMo, or otherwise due under chapter 147, RSMo;
(9) "Taxpayer", any individual or entity who:
(a) Is subject to the tax imposed in chapter 143, RSMo, excludingwithholding tax imposed by sections 143.191 to 143.265, RSMo, or the taximposed in chapter 147, RSMo;
(b) In the case of an individual, is a resident of this state asverified by a 911 address or in the absence of a 911 system, a physicaladdress; and
(c) Owns or rents agricultural property and principal place ofbusiness is located in this state.
3. For all taxable years beginning on or after January 1, 2009, butending on or before December 31, 2016, a taxpayer shall be allowed a taxcredit for the first qualifying sale and for a subsequent qualifying saleof all qualifying beef animals. The tax credit amount for the firstqualifying sale shall be ten cents per pound, shall be based on thebackgrounded weight of all qualifying beef animals at the time of the firstqualifying sale, and shall be calculated as follows: the qualifying saleweight minus the baseline weight multiplied by ten cents, as long as thequalifying sale weight is equal to or greater than two hundred pounds abovethe baseline weight. The tax credit amount for each subsequent qualifyingsale shall be ten cents per pound, shall be based on the backgroundedweight of all qualifying beef animals at the time of the subsequentqualifying sale, and shall be calculated as follows: the qualifying saleweight minus the baseline weight multiplied by ten cents, as long as thequalifying sale weight is equal to or greater than two hundred pounds abovethe baseline weight. The authority may waive no more than twenty-fivepercent of the two hundred pound weight gain requirement, but any suchwaiver shall be based on a disaster declaration issued by the U. S.Department of Agriculture.
4. The amount of the tax credit claimed shall not exceed the amountof the taxpayer's state tax liability for the taxable year for which thecredit is claimed. No tax credit claimed under this section shall berefundable. The tax credit shall be claimed in the taxable year in whichthe qualifying sale of the qualifying beef occurred, but any amount ofcredit that the taxpayer is prohibited by this section from claiming in ataxable year may be carried forward to any of the taxpayer's fivesubsequent taxable years and carried backward to any of the taxpayer'sthree previous taxable years. The amount of tax credits that may be issuedto all eligible applicants claiming tax credits authorized in this sectionin a fiscal year shall not exceed three million dollars. Tax credits shallbe issued on an as-received application basis until the fiscal year limitis reached. Any credits not issued in any fiscal year shall expire andshall not be issued in any subsequent years.
5. To claim the tax credit allowed under this section, the taxpayershall submit to the authority an application for the tax credit on a formprovided by the authority and any application fee imposed by the authority.The application shall be filed with the authority at the end of eachcalendar year in which a qualified sale was made and for which a tax creditis claimed under this section. The application shall include any certifieddocumentation and information required by the authority. All requiredinformation obtained by the authority shall be confidential and notdisclosed except by court order, subpoena, or as otherwise provided by law.If the taxpayer and the qualified sale meet all criteria required by thissection and approval is granted by the authority, the authority shall issuea tax credit certificate in the appropriate amount. Tax creditcertificates issued under this section may be assigned, transferred, sold,or otherwise conveyed, and the new owner of the tax credit certificateshall have the same rights in the tax credit as the original taxpayer.Whenever a tax credit certificate is assigned, transferred, sold orotherwise conveyed, a notarized endorsement shall be filed with theauthority specifying the name and address of the new owner of the taxcredit certificate or the value of the tax credit.
6. Any information provided under this section shall be confidentialinformation, to be shared with no one except state and federal animalhealth officials, except as provided in subsection 5 of this section.
7. The authority may promulgate rules to implement the provisions ofthis section. Any rule or portion of a rule, as that term is defined insection 536.010, RSMo, that is created under the authority delegated inthis section shall become effective only if it complies with and is subjectto all of the provisions of chapter 536, RSMo, and, if applicable, section536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and ifany of the powers vested with the general assembly pursuant to chapter 536,RSMo, to review, to delay the effective date, or to disapprove and annul arule are subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2007, shall beinvalid and void.
8. This section shall not be subject to the Missouri sunset act,sections 23.250 to 23.298, RSMo.
