JEFFERSON CITY — The Missouri Agricultural and Small Business Development Authority (MASBDA) has begun accepting applications for the Meat Processing Facility Investment Tax Credit Program. This new program will accept applications from any meat processing facility that has had an expansion or modernization since Jan. 1, 2017. This includes construction, improvements, building or facility acquisition, or meat processing equipment acquisition. The tax credit will be available through Dec. 31, 2021.
The Meat Processing Facility Investment Tax Credit allows owner/operators to receive a Missouri state tax credit of up to 25 percent of the amount the taxpayer paid in the tax year for meat processing modernization or expansion. The total amount of tax credits that any taxpayer may claim shall not exceed $75,000 per facility per year. Tax credits must be claimed in the tax year in which the approved project occurred. Any amount that cannot be used may be carried forward to any taxpayer’s four subsequent tax years, assigned, transferred or sold.
There is an $80 application fee and, upon approval, MASBDA will calculate the appropriate application issuance fee of 2.5% of the tax credit amount. This fee is required to be paid by the meat processing facility and received by MASBDA prior to the issuance of the tax credit.
For more information on the program and complete guidelines, click here or contact MASBDA directly at firstname.lastname@example.org or (573)751-2129.
— Missouri Department of Agriculture
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