MO HB2632

Extends the Qualified Beef Tax Credit from December 31, 2016 to December 31, 2021, with tax credits of $0.10/pound for cattle under 600 pounds and $0.25/pound for cattle 600 pounds or greater, capped at $10,000 per taxpayer per year for up to three years

Creates the Livestock Risk Protection Tax Credit (effective January 1, 2017 through December 31, 2021) providing a 50% tax credit on livestock risk protection insurance premiums for feeder and fed cattle, capped at $10,000 per taxpayer per year for up to three years

Creates the Meat Processing Facility Investment Tax Credit (effective January 1, 2017 through December 31, 2021) offering a 25% tax credit for meat processing facility modernization or expansion costs, capped at $75,000 per facility per year

Caps total tax credits across all three agriculture programs at $3 million per calendar year, issued on a first-come, first-served basis

Increases the petroleum inspection fee cap from 2.5 cents per barrel to 4 cents (2017-2021) and 5 cents (after January 2022) to fund administration of fuel inspection programs