Missouri Senate

Senate Committee Substitute

WOOD ENERGY TAX CREDIT

A tax credit for the production of certain wood-energy processed wood products expired on June 30, 2020. This act extends the tax credit until June 30, 2027. (Section 135.305)

This provision is identical to SB 127 (2021), SB 674 (2020), and HB 2274 (2020), and to a provision contained in HCS/SS/SCS/SB 570 (2020), HCS/SCS/SB 616 (2020), HCS/SS#2/SB 704 (2020), and SB 454 (2019).

MEAT PROCESSING FACILITIES TAX CREDIT

Current law authorizes the Meat Processing Facility Investment Tax Credit for the expansion or modernization of meat processing facilities, with such tax credit program to expire December 31, 2021. This act extends such tax credit until December 31, 2027.

This act also provides that the maximum amount of tax credits that may be issued to a meat processing facility may be increased by ten percent for meat processing facilities located in a county of the second, third, or fourth class. (Section 135.686)

This provision is substantially similar to SB 355 (2021).

FILM PRODUCTION TAX CREDIT

This act creates the "Show Missouri Film and Digital Media Act".

This act reauthorizes a tax credit for certain expenses related to the production of qualified film production projects in this state, as defined in the act. Tax credits for such expenses under previous law expired on November 28, 2013.

For all tax years beginning on or after January 1, 2021, this act authorizes a tax credit equal to 25% of qualifying in-state expenses, as defined in the act, and 10% of qualifying out-of-state expenses, as defined in the act, associated with the production of a qualified film production project. An additional 5% may be awarded for both qualifying in-state and out-of-state expenses if at least 50% of the qualified film production project is filmed in Missouri. A further additional 5% may be awarded for both qualifying in-state and out-of-state expenses if the Department of Economic Development determines that the script for such project positively markets a city or region of the state, the entire state, or a tourist attraction located in the state. The total dollar amount of tax credits awarded to a qualified film production project may be increased by ten percent if such project is located in a county of the second, third, or fourth class.

This provision shall sunset on December 31, 2027, unless reauthorized by the General Assembly. (Section 135.750)

This provision is substantially similar to SB 367 (2021), SB 366 (2020), HB 923 (2019), HB 1661 (2018), and HB 788 (2017).

AGRICULTURAL PRODUCTION TAX CREDITS

Current law authorizes tax credits for contributions to the Missouri Agriculture and Small Business Development Authority and investments in new generation cooperatives for the purpose of development of agricultural business, with such tax credit programs to expire December 31, 2021. This act extends such tax credits until December 31, 2027. (Section 348.436)

JOSH NORBERG