Missouri senators passed $40 million in annual tax breaks for farmers, which Republican Gov. Mike Parson said he’ll sign Wednesday along with an income tax cut.
Senators voted 26-3 Tuesday in favor of the tax incentive package, which primarily renewed tax credits that had expired. The measure includes tax credits to benefit companies involved in meat processing, biodiesel, ethanol fuel and urban farms. It also expands government loan programs for farmers.
“The bill that we passed is a big win for rural Missouri,” Republican Senate President Pro Tem Dave Schatz told reporters Tuesday.