If Feds End Soybean Tax, Missouri Bill Would Hike Tax by Same Amount

If the federal government’s .25% assessment on each bushel of soybeans is halted, a bill in the Missouri legislature would capture that amount and add it to the state’s current collection of .25%, giving additional millions to the Missouri Soybean Merchandising Council.

“If the federal goes away and this (bill) were to go into effect, we would continue to collect at a rate of one-half of 1% like we are now,” Rep. Curtis Gregory, R-Marshall, told the House Agriculture Policy Committee on Tuesday during testimony on HB2387. “If the bill doesn’t go into effect and the federal is done away with, we’d revert back…to one-half a penny per bushel…That would not bring in the amount of funds necessary to fund the checkoff mission.”

Missouri farmers annually plant approximately five million acres of soybeans, resulting in 230 million bushels, according to the Missouri Department of Agriculture. At a price of $8.90 a bushel, soybeans annually generate more than $2 billion of the state’s $88 billion agriculture economy.

“Soybeans is a big deal in Missouri,” Rep. Greg Sharpe, R-Ewing, said during the hearing. “Agriculture is a big deal and soybeans is the biggest deal.”… (Excerpts from the Virginia Star)