Missouri House Bill HB2172

Missouri 2022 Regular Session

• Introduced: 1/5/22
• Refer: 2/1/22
• Report Pass: 2/15/22
• Refer: 2/15/22
• Report Pass: 3/2/22

Caption

Extends the expiration date of certain agricultural tax credits to December 31, 2028

Impact

The proposed extension of tax credits under HB2172 is intended to bolster the agricultural economy by providing farmers and agribusinesses with continued financial relief. The existing agricultural tax credits have been beneficial in promoting investment and expansion within the sector. By extending these credits, the state aims to enhance economic stability for local producers, thus aiding in job preservation and creation in rural areas. The extension also signals to the agricultural community that the state is prioritizing support for their operations.

Summary

House Bill 2172 seeks to extend the expiration date of certain agricultural tax credits until December 31, 2028. This extension is aimed at providing ongoing financial support to the agricultural sector, which plays a crucial role in the state’s economy. By prolonging these tax credits, the bill intends to incentivize investment in agricultural businesses, helping to sustain farm operations and promote agricultural growth. This reflects a commitment to the agricultural community amidst ongoing economic challenges and market fluctuations.

Contention

While the bill is largely seen as a positive move for the agricultural sector, there may be concerns surrounding state revenue impacts due to the prolonged availability of tax credits. Opponents might argue that extending these tax credits could limit state funding for other essential services. Some may question whether these credits effectively lead to the desired economic growth or if they merely benefit a select group within the agricultural community. Thus, discussions surrounding HB2172 may involve balancing support for agriculture with the broader implications on state finances and services.