SB 1124 - This act re-authorizes the existing beef tax credit until 2023. This act modifies the beef tax credit by changing the definition of "baseline weight" to be based on the previous two years instead of the previous three years. This act changes the credit from 10 cents per pound to 10 cents per pound for sale weights under 600 pounds and 25 cents per pound for sale weights over 600 pounds. This act only allows tax credits under this section up to $10,000 per year per taxpayer and for no more than 3 years. The act limits tax credits issued under the beef tax credit, and the other two tax credits created by this act to $3 million per calendar year. This act creates a livestock risk protection tax credit. For all tax years from 2017 to 2023, a taxpayer can claim a credit for the purchase of livestock risk protection insurance for feeder cattle or fed cattle as defined in the act. The tax credit is equal to 50% of the premiums paid for the insurance. A taxpayer cannot claim this credit along with the beef tax credit described above in the same calendar year. This tax credit is non-refundable but may be carried forward 5 years or carried back for 3 years. A taxpayer may not claim more than $10,000 per year. A taxpayer may not claim this tax credit for more than 3 years. This act also creates the meat processing facility investment tax credit. For all tax years between 2017 and 2023, A taxpayer may claim this tax credit for meat processing modernization or expansion at their processing facility. The tax credit shall be equal to 25% of the amount the taxpayer paid in the tax year for modernization and expansion. This tax credit is non-refundable but may be carried forward 5 years or carried back for 3 years. A taxpayer may not claim more than $75,000 per year. If two or more taxpayers own the facility, each may claim a credit in proportion to their ownership interest in the facility, but taken together all tax credits for one facility cannot exceed the $75,000 cap. This act is identical to HB 2632 (2016). DOMENIC SITA