SB 472 - This act creates a non-refundable income and corporate franchise tax credit for sales of qualifying beef animals based upon such animal's weight at the time of first sale. The tax credit shall be equal to ten cents per pound above four hundred fifty pounds for the first sale, and ten cents per pound above the weight of the qualifying beef animal at the time of the first qualifying sale or four hundred fifty pounds, which ever is greater, for a subsequent sale. A qualifying beef animal must be certified by the agriculture and small business development authority and be born in this state after August 28, 2008, and raised or finished in this state.
The tax credit must be claimed in the year in which the qualifying sale is made. Qualifying beef tax credits are fully transferrable by notarized endorsement. To the extent the amount of tax credits for qualifying beef sales exceeds a taxpayer's corporate franchise or income tax liability, such remainder may be carried forward five years or back three years. The tax credit has an annual cap of ten million dollars and the cumulative amount of tax credits which may be issued under the act is limited to thirty million dollars.
In order to claim the tax credit authorized under the act, a taxpayer must submit an application to the agriculture and small business development authority at the end of each calendar year. If the taxpayer and qualified sale meet all of the requirements, the authority will then issue a tax credit certificate. All taxpayer information required in the application will be confidential, and may only be shared with state and federal animal health officials.