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MO HB771
Bill
Status
1/29/2015
Primary Sponsor
Caleb Jones
Click for details
AI Summary
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Agricultural producers may subtract from Missouri adjusted gross income any payments received from federal disaster compensation programs, effective for tax years beginning on or after January 1, 2014
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Qualifying programs include: Livestock Forage Disaster Program, Livestock Indemnity Program, Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish, Emergency Conservation Program, and Noninsured Crop Disaster Assistance Program
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Additional qualifying programs include insurance-based programs: Pasture, Rangeland, Forage Pilot Insurance Program, Annual Forage Pilot Program, Livestock Risk Protection Insurance Plan, and Livestock Gross Margin Insurance Plan
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The exemption applies to payments compensating agricultural producers for losses resulting from disasters or emergencies
Legislative Description
Authorizes an income tax exemption for payments from agricultural disaster programs
Last Action
HCS Reported Do Pass (H)
4/9/2015