To amend chapter 144, RSMo, by adding thereto one new section relating to taxation.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF MISSOURI, AS FOLLOWS:

     Section A. Chapter 144, RSMo, is amended by adding thereto one new section, to be known as section 144.022, to read as follows:

     144.022. 1. During any fiscal year in which the commissioner of administration certifies that total state revenues are reasonably projected to be in excess of the limitation established in sections 16 and 18 of article X of the Missouri constitution, the commissioner shall certify to the director of revenue the specified amount of the projected excess. The director shall apply the formula in subsection 2 of this section to produce a projected revenue reduction equal to the projected excess.

     2. A credit shall be allowed a resident taxpayer, in addition to all other credits permitted by law, against the tax otherwise due under sections 143.011 to 143.996, RSMo, for each Missouri personal exemption and Missouri dependency exemption allowed on that taxpayer's income tax return for the taxable year. The director of revenue shall divide the amount of any projected excess of total state revenue by the total number of Missouri personal exemptions and Missouri dependency exemptions which were claimed by resident taxpayers in the immediately preceding taxable year. The quotient as thereby determined shall be used by the director of revenue who shall then determine the amount of the credit to be used to produce a revenue reduction equal to the projected excess.

     3. If the amount allowable as a credit exceeds the taxpayer's individual income tax as shown on the tax return for the taxable year and reduced by all other allowable tax credits, the excess shall be considered an overpayment pursuant to section 143.781.