MO HB387

Creates tax credits for landowners who lease agricultural assets to beginning farmers: 7% of gross lease payments for cash-basis leases, or 17% for commodity share-basis leases, with agreements required to be at least 10 years

Establishes a separate tax credit of 7% for landowners who hire beginning farmers under custom farming contracts, with contracts requiring minimum $1,000 cash payment and terms up to 12 months

Caps total tax credits at $12 million annually ($8 million for agricultural asset transfers, $4 million for custom farming contracts), with individual credits limited to $50,000 per taxpayer

Allows sellers of agricultural land to beginning farmers to deduct 50% of the sale income from Missouri adjusted gross income, with clawback provisions if land loses agricultural classification within 10 years

Establishes a Beginning Farmer Center within University of Missouri Extension to coordinate education programs, match buyers and sellers of agricultural land, and submit annual reports to the legislature