SB 920 – Adjusts the exemption amount allowed for each dependent based on the Consumer Price Index

• Sponsor: Schmitt
• LR Number: 5757S.01I
• Committee: Ways and Means
• Last Action: 5/13/2016 - Informal Calendar S Bills for Perfection--SB 920-Schmitt and Kraus
• Effective Date: August 28, 2016

Current Bill Summary

SB 920 - Under this act, the amount a taxpayer may deduct from their Missouri taxable income for each dependent will automatically increase according to the Consumer Price Index. Each year, a taxpayer may deduct from their Missouri taxable income, $1,200 plus an additional amount equal to $1,200 multiplied by the percentage by which the Consumer Price Index for that year exceeds the Consumer Price Index for the 2016 calendar year.

DOMENIC SITA