Tax Credits

Agricultural Products Utilization Contributor Tax Credit Program

Description
The Missouri Agricultural and Small Business Development Authority is authorized to grant an Agricultural Product Utilization Contributor Tax Credit in an amount up to 100 percent of a contribution from a person, partnership, corporation, trust, limited liability company or other donor. The contribution must be made to the authority to be used for financial or technical assistance to rural agricultural business concepts as approved by the authority.

How Does the Program Work?
The authority will publicize the availability of the tax credits in a manner to solicit the greatest number of applicants along with a deadline for accepting applications for the Agricultural Product Utilization Tax Credit Program. The authority is required by statute to approve tax credits based on the least amount of credits required for the contributions. Therefore, tax credits for contributions to the authority will be offered on a competitive basis.

Who is Eligible?
Any person, partnership, corporation, trust, limited liability company or other donor.

Tax Credit Amounts
The amount of the tax credit will be determined based on competitive bids submitted to the authority.

Other Information
Tax credits may be used against the tax otherwise due pursuant to Chapters 143 (other than taxes withheld pursuant to sections 143.191 to 143.265), 147, and 148 RSMo. Credits may be carried back to satisfy the state tax liability that was due during each of the three previous taxable years and may be carried forward for up to five years. Tax credits may be applied to estimated quarterly taxes.

Credits may be assigned, transferred or sold.