Factsheet: Agricultural tax credit

Agricultural tax credit

Key Information
Full name of Instrument & Measure (English): 
HB 1661 agricultural tax credit: authorizes an income tax credit for a taxpayer who uses processed biomass engineered fiber fuel
Description: 
A Missouri wood energy producer shall be eligible for a tax credit on taxes, as a production incentive to produce processed wood products in a qualified wood-producing facility using Missouri forest product residue. The tax credit to the wood energy producer shall be five dollars per ton of processed material. The credit may be claimed for a period of five years and is to be a tax credit. Income tax credit for any taxpayer who uses “processed biomass engineered fiber fuel” which is defined as any fuel derived from substances produced in this state that were changed from their original form and combined in a manufacturing process in this state of three or more biomass inputs.
Goal/Aim: 
Stimulate renewable energy from biomass

Sector/Topic targeted:

Status:

Trade Relevance: 
Policies stimulating domestic use of biomass => availability for export
Year Instrument & Measure Started: 
2014