Qualified Beef Tax Credit Program
The Missouri Agricultural and Small Business Development Authority (MASBDA) provides Missouri tax credits to Missouri’s qualified beef producers who raise and background or finish Missouri born qualified beef animals to a weight of two hundred (200) pounds or more over their established baseline weight.
How Does the Program Work?
To participate in the tax credit program, a beef producer must first be certified by MASBDA at which time a baseline weight will be established.
To be qualified and for the establishment of a baseline weight, the following documents must be included:
- MISSOURI FORM QBE,
- Copies of all scale tickets and/or sales receipts of all beef animals thirty months of age or less during the immediate past three (3) years, categorized by sex,
- Copies of year-end financial statements for each of the immediate past three (3) years, or in lieu of financials, permission to review QSA or PVP records, and
- Fifty ($50) dollar application fee.
Who is Eligible?
- Any Missouri taxpayer who is subject to tax imposed in Chapter 143, RSMo (excluding withholding tax imposed by sections 143.191 to 143.265, RSMo) or the tax imposed in Chapter 147, RSMo,
- A resident of this state, and
- Owns or rents agricultural property, and
- Principal place of business is located in Missouri.
Tax Credit Amount
The maximum amount of tax credits that may be issued to all eligible qualified beef producers in any fiscal year cannot exceed $3,000,000.
The tax credit amount shall be ten cents ($.10) per pound and calculated by subtracting the baseline weight from the qualifying sale weight multiplied by ten cents ($.10) per pound provided the difference is two hundred (200) pounds or greater.