News

Missouri Senate approves bill extending ag, energy tax credits

The Missouri Senate has approved a bill that extends several ag and energy tax credits.

Senate Bill 913 focuses on wood energy, meat processing, specialty crops and renewable fuels. It also adds reporting requirements to state agencies for tax credit programs.

Missouri Senate Ag Committee Chairman Jason Bean tells Brownfield “it’s definitely a needed tool to get ag businesses coming into Missouri, something we can use. It also allows businesses to see these tax credits are here a long time and aren’t going away.”

Many of the credits are extended through 2033.

Bill sponsor, Senator Kurtis Gregory, says it also creates a new incentive for rail infrastructure.

“The Union Pacific wind down to smaller towns to really connect those. So, they need to be fixed up for something that’s worked really well in other states. We’re trying to bring that here to the state of Missouri.”

The bill will now be considered by the Missouri House.

Missourinet contributed to this report.