Under the act, the Missouri Agricultural and Small Business Development Authority (MASBDA) shall establish a specialty agricultural crops loan program for family farmers for purposes listed in the act.

To participate in the loan program, a family farmer, as defined in the act, shall first obtain approval for a specialty agricultural crops loan from a lender. Each family farmer is eligible for only one loan per family.

The maximum amount of the loan is $35,000.

Eligible borrowers shall follow conditions set forth in the act.

Once a loan is approved by a lender, the loan shall be submitted to MASBDA for approval.

The program shall sunset on August 28, 2028.

Any eligible lender under the loan program shall be entitled to receive a tax credit equal to 100% of the amount of interest waived by the lender on a qualifying loan for the first year of the loan only.

MASBDA shall be responsible for the administration and issuance of the certificate of tax credits.

The act lists provisions applicable to tax credits authorized under the act.

This act is substantially similar to HB 2720 (2022), HB 2762 (2022), and to provisions in the truly agreed CCS/SS/SCS/HCS/HB 1720 (2022).

JAMIE ANDREWS