Missouri SB1291 modifies income tax deductions for certain farmers.
Missouri SB1291 modifies provisions relating to an income tax deduction for certain farmers. Farm owners can subtract from their Missouri adjusted gross income amounts related to leasing or selling farmland to beginning farmers. The bill defines "beginning farmer" and "farm owner" and sets limits on the deductions. It also includes provisions for capital gains from the sale of farmland and deductions for home energy audits. The bill repeals and replaces section 143.121 of the Revised Statutes of Missouri.
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