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Agricultural Tax Incentives (Memo)

August 24, 2022
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WRITTEN BY Dr. Tomotaroh Granzier-Nakajima

In the states bordering Missouri, the most common agricultural tax incentives are (1) biodiesel and ethanol fuel tax credits, and (2) sales tax exemptions for farm machinery and equipment. States may also have tax incentives for beginner farmers, raising animals for agricultural purposes, agricultural equipment and food sales. This memo contains a table with several tax incentives in these states.

Most of these tax incentives are exemptions, with the exception of biofuels incentives, and do not have sunset dates. Missouri House Bill 1720 (2022) proposed the extension of several agricultural tax incentives for two years. This bill was vetoed in part due to the length of these sunsets and Governor Parson called for a special session to extend the tax credit sunset dates for at least six years.

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