Senate Bill No. 506 Summary

• Creates the "Missouri Dairy Revitalization Act of 2014" establishing a dedicated fund to support dairy industry enhancement through three programs: dairy producer margin insurance premium assistance, Missouri dairy scholars scholarships, and commercial agriculture research.

• Establishes the "Dr. Merrill Townley Large Animal Veterinary Student Loan Program" with a dedicated state fund to provide loan forgiveness for veterinary students who practice in areas of defined need.

• Authorizes municipalities to create urban agricultural zones in blighted areas with property tax abatement for up to 25 years and provisions for grower, processor, and vendor agricultural operations within metropolitan statistical areas.

• Modifies agricultural land ownership restrictions by allowing alien and foreign business acquisitions to be submitted for department review rather than requiring prior approval, provided no completed IRS Form W-9 exists from the purchaser.

• Expands livestock activity definitions and liability protections to include livestock activities (in addition to equine activities) with warning requirements for livestock activity sponsors, facilities, and contracts.