SB 513 – Creates an income tax credit based on the number of taxpayer's dependent children

• Sponsor: Lamping
• LR Number: 4337S.01I
• Committee: Ways and Means
• Last Action: 4/3/2014 - Voted Do Pass S Ways and Means Committee
• Effective Date: August 28, 2014

Current Bill Summary

SB 513 - This act creates an income tax credit of $400 per child for individuals able to claim a dependency deduction for a qualifying child on their federal income taxes. Individuals with a Missouri adjusted gross income over $46,100 and married couples with a combined Missouri adjusted gross income over $92,200 are ineligible for the credit. The tax credit is nonrefundable, nontransferable, and cannot be carried back or forward.

MIKE HAMMANN