MO HB3324

Expands the definition of "farm owner" eligible for income tax deductions when selling or leasing farmland to beginning farmers from "an individual" to "a taxpayer," which includes individuals, trusts, firms, partners, corporations, partnerships, S corporation shareholders, and LLC members

Allows farm owners who sell farmland to beginning farmers to subtract capital gains from Missouri adjusted gross income on a sliding scale: 100% on the first $2 million, 80% on the next $1 million, 60% on the next $1 million, 40% on the next $1 million, and 20% on the next $1 million

Permits farm owners who lease farmland to beginning farmers under rental agreements or crop-share arrangements (not exceeding 10 years) to subtract up to $25,000 per year in income from Missouri adjusted gross income

Defines "beginning farmer" as someone who has filed 1-10 IRS Schedule F forms since age 18, is approved for a USDA Beginning Farmer loan, operates new production agriculture as determined by the Department of Agriculture, or is a qualified family member within the fourth degree of relation to the farm owner

Requires the Department of Revenue to prepare annual reports on the costs, benefits, and statistical information regarding the capital gains subtraction program, submitted to the agriculture committees of both legislative chambers by February 1st each year