SB 457 - Current law authorizes an income tax credit for certain senior citizens and disabled veterans in amount equal to a portion of such taxpayer's property tax liabilities, with the amount of the credit dependent on the taxpayer's income and property tax liability. This act modifies the definition of "income" to increase the amount deducted from Missouri adjusted gross income from $2,000 to $5,000, or, for claimants who owned and occupied the residence for the entire year, such amount is increased from $4,000 to $5,000. (Section 135.010) Additionally, current law limits the tax credit to qualifying taxpayers with an income of $27,500 or less, or $30,000 in the case of a homestead owned and occupied by a claimant for the entire year. This act increases such maximum income to $32,500, or $40,000 in the case of a homestead owned and occupied by a claimant for the entire year. (Section 135.030)
This act is substantially similar to SB 822 (2024), SB 930 (2024), HCS/HB 1428 (2024), HB 1670 (2024), HB 1939 (2024), HB 2050 (2024), HB 666 (2023), and HCS/HB 1134 (2023), and to provisions in HB 1636 (2024), SS/SCS/SB 15 (2023), HCS/SS/SB 143 (2023), HCS/SB 247 (2023), and HB 1351 (2023).
JOSH NORBERG