H.B. 487 Summary

• Expands existing livestock feed subsidy program to include goats, sheep, lambs, fish, and crustaceans in addition to beef, dairy, hog, and poultry producers.

• Creates new subsidy program for qualified feed developers, reimbursing up to 50% of feed development costs with a maximum grant of $225,000 per developer annually.

• Significantly lowers minimum herd/flock size requirements for eligibility (e.g., from 350 to 10 dairy cows, from 3,000 to 30 poultry birds, from 50 to 10 hogs).

• Authorizes the Department of Agriculture to lease or dispose of state lands to the Agribusiness Development Corporation and exempts such dispositions from certain qualification restrictions.

• Appropriates unspecified general revenue funds for fiscal years 2013-2014 and 2014-2015 to reimburse qualified producers and feed developers, with funds remaining available until June 30, 2016.