JEFFERSON CITY, Mo. – The Missouri Soybean Association (MSA) joins fellow agriculture groups in celebrating a triumphant win for farmers and small-business owners across the state with the passage of House Bill 3. During a time of record inflation, the bill will provide much-needed relief to Missouri’s number one industry – agriculture – and help drive economic development in rural areas.
HB 3, sponsored by Rep. Brad Pollitt (R-Sedalia), was the top legislative priority for MSA during the governor’s call for special session and contains all agriculture provisions originally passed by the General Assembly earlier this year in HB 1720. The tax credits for biodiesel producers and fuel retailers will increase demand for Missouri-made fuel and drive down the cost of biodiesel blends to consumers, adding to Missouri soybean growers’ bottom line.
“Today, the Missouri legislature ensured that biodiesel remains a vital piece of the state’s economic impact,” said Gary Wheeler, CEO and executive director. “The new law will help drive biodiesel demand, add value to Missouri-grown soybeans and provide citizens with a domestically made fuel that helps lower fuel prices for all.”
In addition to the biodiesel incentive programs, the omnibus bill includes several Missouri Agriculture and Small Business Authority (MASBDA) programs and tax credits that will further benefit the farmer. A minimum six-year sunset was included on each of the following tax credits:
- Extending the expiration of the meat processing facility investment tax credit;
- Creating a tax credit program for establishing or improving urban farming operations;
- Extending the expiration of the Rolling Stock Tax Credit program;
- Extending the expiration of the Agricultural Product Utilization Contributor Tax Credit;
- Extending the expiration of the New Generation Cooperative Incentive Tax Credit;
- Extending the Wood Energy Tax Credit program;
- Exempting utility vehicles for agriculture use from state and local sales and use taxes;
- Creating the Specialty Agricultural Crops Act; and
- Amending the Family Farms Act to modify the definition of small farmer.
“We applaud Governor Parson for standing up for Missouri agriculture and securing sustainability for small, family-owned businesses and agricultural operations alike,” said Matt Wright, MSA president. “Our goal at MSA is to be a voice for Missouri’s farmers, and after today we are proud that we helped in getting pivotal legislation passed that will aid our soybean growers in being the most productive and profitable.”
“These wins will help further develop Missouri’s agriculture industry, create opportunities for farmers, ranchers, and ag-businesses, and help ensure Missouri agriculture remains not only our state’s top economic driver but that its spirit and tradition continues to live on in the next generations,” Governor Parson said. “We thank all of Missouri’s agriculture groups for their trust in us to get this done. We appreciate their leadership and commitment in securing a better deal for Missouri’s farm and ranch families.”
As the chosen voice for Missouri’s soybean growers, MSA is proud to work with elected officials to pass legislation that will add value back to its producers. More information on this bill may be found here.
The Missouri Soybean Association is a statewide membership organization working to increase the profitability of Missouri soybean farmers through advocacy and education efforts across the state.
— Missouri Soybean Association