Department of Agriculture extends Beef Tax Credit deadline
US - The Missouri Agricultural and Small Business Development Authority (MASBDA) recently extended the pre-qualifying deadline for the Qualified Beef Tax Credit program to Oct. 1.
4 August 2008
1 minute read
The program's qualifications were also expanded in order to give current beef backgrounders a greater opportunity to participate encouraging economic activity in the state.
In January, Gov. Matt Blunt announced this economic incentive to beef producers to put more pounds on their cattle in Missouri rather than sending them to out-of-state feedlots.
“We have some of the best beef cattle genetics in the country and want to keep high quality cattle in Missouri,” Don Steen, director Missouri Department of Agriculture told the California Democrat.
“By extending the deadline for applicants for this program, we are ensuring that more producers will have the opportunity to apply.”
The Qualified Beef Tax Credit program offers an incentive in the form of tax credits to cattle producers who begin backgrounding and/or finishing their calves in Missouri.
The expanded qualifications will allow beef producers who are already backgrounding calves to also participate in this program by allowing them to increase the number they are currently backgrounding.
The program allows producers to earn tax credits by keeping their calves for at least 200 pounds past an established baseline weight, and in some cases, adding additional cattle to their current backgrounding or finishing operation.
