Keeping Cattle in Missouri
The proposed tax break aims to keep Missouri cattle in the state longer.
"It will affect all of rural Missouri. It will allow for more feeder cattle to stay and be fed here in the state of Missouri which obviously adds more dollars to the economy of the state," Ken Disselhorst from the Missouri Cattlemen's Association said.
The tax credit would specifically apply to cattle that weigh more than 450-pounds. That's the weight when cattle are typically weaned off milk.
State Representative Charles Schlottach said more than 50% of Missouri's two million cattle are shipped out of state before they reach 450 pounds. The tax credit could help keep cattle that weigh more than 450 pounds.
A University of Missouri beef economist said keeping cattle in the state longer means beef producers will spend more money here, instead of somewhere else.
"With our growing ethanol industry, it's probably also going to help with that as far as feeding the byproducts from the ethanol plants," farmer David Grant said.
An MU study said every dollar in tax incentives translates into an economic benefit worth $13.50.
It also said the economic benefit from 1,000 cattle could maintain six full time jobs off of the farm. The beef tax credit would allow up to $30 million in tax breaks.
The tax break measure is awaiting the governor's signature.