MO SB1291

Expands the definition of "farm owner" eligible for income tax deductions when selling or leasing farmland to beginning farmers from only individuals to include trusts, firms, corporations, partnerships, S corporation shareholders, and LLC members

Adds a new definition of "taxpayer" to include individuals, trusts, firms, partners, corporations, partnerships, S corporation shareholders, and LLC members subject to Missouri income tax

Farm owners selling farmland to beginning farmers can deduct capital gains on a sliding scale: 100% of the first $2 million, 80% of the next $1 million, 60% of the next $1 million, 40% of the next $1 million, and 20% of the next $1 million

Farm owners leasing farmland or entering crop-share arrangements with beginning farmers can deduct up to $25,000 per year in rental or crop-share income

Beginning farmers must meet specific criteria including filing 1-10 Schedule F tax forms, being approved for USDA Beginning Farmer loans, operating new production agriculture, or being a qualified family member within the fourth degree of relation to the farm owner