Modifies provisions relating to agricultural tax credits
The bill is set to have a significant impact on state laws concerning agriculture and local economic developments. By introducing tax credits that can be claimed on eligible expenses incurred for urban farming, SB 958 encourages the growth of small-scale agricultural operations in urban settings. The program aims to bolster local economies, enhance food security by bringing food production closer to urban consumers, and foster community engagement through gardening and farming.
Senate Bill 958 focuses on enhancing urban farming initiatives in Missouri by providing tax credits to individuals and entities involved in establishing or improving urban farms. The bill outlines a framework whereby taxpayers can claim a tax credit of up to fifty percent of their eligible expenses directly related to urban farming activities. This financial incentive is aimed at promoting food production in urban areas, thereby improving local food sources and contributing to community sustainability.
However, there are potential points of contention around the bill. Critics may argue about the limitations imposed on the types of expenses that qualify for tax credits, which notably exclude labor and costs related to medical marijuana or industrial hemp. Additionally, there are concerns about the administrative powers vested in the Missouri agricultural and small business development authority to enforce and regulate participation in this program. Some stakeholders may fear that onerous regulations could impede the effectiveness of the program.