Taxpayers could claim credits for rural meat processing projects

Taxpayers could claim credits against corporation or personal income taxes for funding rural meat processing projects. The credits would cover taxpayers funding construction of a rural meat processing facility or expansion of an existing rural meat processing facility. Taxpayers would have to apply to the Agriculture Secretary for certification, with evidence of project funding and coordination with a regional agricultural innovation center. The credit would be capped at the lesser of 20 percent of costs or $5 million; the cost limit would rise to 30 percent for projects that include a smokehouse, sausage line, packaging facility, or cold storage facility. All credits under both tax sections together could not exceed $50 million. The same costs could not also support another tax credit, exemption, or business incentive for the same period. Credits would apply to tax periods starting on or after the January 1 following the act’s effective date, and for the next five taxable years. The act would take effect immediately.