Bill > SB1291

This bill modifies Missouri's income tax law to provide new deductions for certain farmers and farm owners. Specifically, it allows a "farm owner" (defined as a taxpayer who owns farmland and sells, leases, or enters a crop-share arrangement for it with a "beginning farmer," who is a new farmer meeting certain criteria) to subtract from their Missouri adjusted gross income (their income after federal adjustments) a portion of capital gains from selling farmland to a beginning farmer, with decreasing percentages applied to larger amounts of capital gains. It also allows farm owners to subtract up to $25,000 annually from their income derived from leasing or renting farmland to a beginning farmer, or from a crop-share arrangement with a beginning farmer. The bill also clarifies that "taxpayer" for these provisions includes various business structures, not just individuals, and expands the definition of a qualified family member who can benefit from these provisions.

Agriculture and Natural Resources

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=304