By Blake Jackson
The Missouri Agricultural and Small Business Development Authority (MASBDA) is currently accepting applications for two tax credit programs aimed at supporting the state's meat processors and specialty crop producers.
The Meat Processing Facility Investment Tax Credit program is designed to incentivize meat processors to modernize or expand their facilities by offering a tax credit. This credit can cover up to 25% of eligible expenses, with a maximum limit of $75,000 per facility per year. Eligible expenses can include equipment purchases, facility improvements, or constructing new facilities.
On the other hand, the Specialty Agricultural Crops Loan Program offers a tax credit to lenders instead of requiring family farmers to pay the first year's interest on loans for specialty crop resources. These loans, which can go up to $35,000, can be used by family farmers to acquire various farming resources, including seeds, seedlings, soil amendments, irrigation equipment, season extension equipment, and planting equipment. The complete list of eligible items can be found in the program guidelines.
If you have any questions or need additional information, you can get in touch with the MASBDA team by calling (573) 751-2129 or sending an email to masbda@mda.mo.gov. These programs aim to support and enhance Missouri's meat processing industry and specialty crop production by providing financial assistance to those involved.
Photo Credit: gettyimages-rosshelen
Categories: Missouri, Business, Crops