Modifies provisions relating to tax credits

SB 864 creates two new tax credit programs for Missouri businesses. First, it provides a $5 per ton tax credit for wood energy producers using Missouri forest residue to make processed wood products, valid for five years with a $6 million annual cap and expiring after 2028. Second, it establishes a 25% tax credit (up to $75,000 annually per facility) for small meat processing facilities (employing fewer than 500 people total) to cover modernization or expansion costs like equipment, building upgrades, or waste management systems, with a $2 million annual statewide cap. Both credits reduce state tax liability but are non-refundable and require applications to the state authority. The bill replaces prior tax credit provisions and sets specific expiration dates for all new credits.