Farmer Tax Deduction Bill Heads To The Missouri House

Missouri Senator Mike Bernskoetter is tossing his support behind a Senate bill which is on its way to the House of Representatives that would fix the beginning farmer tax credit.

The bill as presented and passed to the House will require the Department of Revenue to notify taxpayers if a tax credit runs out and give them 60 days to pay back the tax credit before fees and fines can be applied.

It also ties the state tax filing deadline to the federal deadline.

The Farmer Tax Deduction part of the bill was added as an amendment which allows farmers to more easily pass their farms on to new farmers without being subject to a massive capital gains tax by changing language in the law from “individual” to “taxpayer.”