MO SB177

Creates tax deductions for taxpayers who transfer agricultural assets (land, equipment, crops, livestock) to beginning farmers through lease agreements of at least 7 years, allowing a 50% deduction of income derived from such transfers

Establishes a 50% tax deduction for payments made to beginning farmers under custom farming contracts, with contracts limited to 12 months and requiring minimum payments of $1,000

Allows individual taxpayers to deduct 25% of income realized from selling agricultural land to a beginning farmer, with recapture provisions if the land ceases agricultural use within 7 years

Caps total deductions at $100 million per fiscal year (two-thirds allocated to asset transfers, one-third to custom farming contracts), with individual taxpayer deductions limited to $400,000

Establishes a Beginning Farmer Center at the University of Missouri to coordinate education programs, maintain a database of available land and facilities, and assist with farm transitions from retiring to beginning farmers