The Missouri Agricultural and Small Business Development Authority (MASBDA) is reminding livestock producers interested in backgrounding or finishing cattle that they can still apply for the Missouri Qualified Beef Tax Credits.
The credits, first affective in Aug. 2008, provides a 10 cent per pound tax credit to producers who put an extra 200 pounds or more on their calves prior to market.   Livestock producers already backgrounding or finishing their cattle can also qualify by adding additional cattle to their operations.
“Missouri farmers have been faced with unprecedented difficult economic times.  This program is a tool that can help Missouri livestock producers put more money in their pockets.  The 10 cent per pound minimum could mean at least $20 per head for cattle and that could be the difference between profit and loss for some farmers,” said Dr. Jon Hagler, director of the Missouri Department of Agriculture.  “Missouri beef cattle continue to be the best in the country and this opportunity also allows cattle producers to expand their operations.”
Applications for the Missouri Qualified Beef Tax Credits are being accepted now.  The first tax credits will be issued Mar. 31, 2010. For a credit application or to learn more about financial assistance offered by the Missouri Department of Agriculture, visit mda.mo.gov or call MASBDA at (573) 751-2129.