MO SB992

Creates the Missouri Farmland Trust to allow individuals and entities to donate or convey farmland to the Missouri Department of Agriculture for preservation and to provide affordable long-term leases to new farmers for up to twenty years.

Establishes a five-member Missouri Farmland Trust Advisory Board appointed by the agriculture director to recommend appropriate land uses, selection criteria for applicants, and lease application decisions.

Creates the Missouri Farmland Trust Fund in state treasury to receive gifts, donations, transfers, bequests, and appropriated moneys, with funds administered by the Department of Agriculture and not reverting to general revenue at end of biennium.

Requires the Department of Agriculture to make in-lieu-of-tax payments to counties for privately owned land acquired after August 28, 2010, in amounts no less than the real property tax paid at time of acquisition.

Authorizes the Department of Agriculture to promulgate rules for trust administration including lessee requirements, lease selection process, lease terms and renewal procedures, property maintenance standards, and lease termination conditions.