| SB 0004 | $200 Income Tax Credit For Educational Expenses |
| Sponsor: | Wiggins | |||
| LR Number: | S0252.02I | Fiscal Note: | 0252-02 | |
| Committee: | Ways and Means | |||
| Last Action: | 01/28/97 - Hearing Conducted S Ways & Means Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | January 1, 1998 | |||
SB 4 - This act provides an income tax credit for educational expenses and contributions to qualified scholarship charities.
The maximum amount of the credit for educational expenses incurred in attending a qualified school is $200, with the amount phased out for taxpayers with a taxable income in excess of $55,000. If the credit exceeds the income tax payable, the excess shall be considered an overpayment of the income tax.
Qualified school includes any public or private elementary or secondary school located in Missouri. Such schools must be accredited by the Missouri Department of Elementary and Secondary Education and any other agencies set out in Section 1 of this act.
Educational expenses include tuition, education fees, school supplies or other educational expenses as defined by Department of Revenue regulations and which are incurred in attending a qualified school.
For cash contributions to a qualifying scholarship charity, the credit shall not exceed 50% of the amount contributed.
Corporations with registered agents in the state are authorized to participate in both of these credits, subject to the same $200 and 50% limits.
This act has sections similar to SB 15 (1997).
RUSS HEMBREE