SB744 - Raises income levels for circuit breaker eligibility and allows state income tax credit for property taxes paid

SB 0744

Raises income levels for circuit breaker eligibility and allows state income tax credit for property taxes paid

Sponsor:	Maxwell
LR Number:	S3260.02I	Fiscal Note:	3260-02
Committee:	Ways and Means
Last Action:	02/03/98 - Hearing Conducted S Ways & Means Committee		Journal page:
Title:
Effective Date:	August 28, 1998

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Current Bill Summary

SB 744 - This act authorizes two different tax relief measures for property taxpayers. The act increases the income levels of taxpayers eligible for the circuit breaker credit by increasing the maximum upper limit from the current $15,000 to $25,000 and the minimum base from the current $5,900 to $13,000 for 1998 and subsequent years.

The act also authorizes a state income tax credit for property taxes paid. The credit is limited to $70 for a married couple filing a combined return and to $35 for individuals and other filers. The credit is not allowed if Missouri adjusted gross income exceeds $100,000.
RUSS HEMBREE