SECOND REGULAR SESSION
SENATE BILL NO. 931
89TH GENERAL ASSEMBLY
INTRODUCED BY SENATOR MAXWELL.
Read 1st time February 19, 1998, and 1,000 copies ordered printed.
TERRY L. SPIELER, Secretary.
S3826.02I
AN ACT
To amend chapter 135, RSMo, by adding thereto one new section relating to income tax credits for dependents.
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.650, to read as follows:
135.650. 1. A resident taxpayer who is allowed a dependency exemption deduction pursuant to section 143.161, RSMo, shall be allowed a credit against the tax otherwise due pursuant to chapter 143, RSMo, not including sections 143.191 to 143.265, RSMo, in an amount equal to two hundred fifty dollars for each dependent.
2. The credit may be taken for any taxable year in which the taxpayer files an income tax return claiming the dependency exemption deduction and shall be allowed if the taxpayer's filing status is single, head of household, qualifying widow(er), or married filing separately and the taxpayer's Missouri adjusted gross income is fifteen thousand dollars or less, or if the taxpayer's filing status is married filing combined and their combined Missouri adjusted gross income is thirty thousand dollars or less.
3. The director of the department of revenue shall promulgate rules and regulations to determine taxpayer qualifications and filing requirements for the credit authorized pursuant to this section. No rule or portion of a rule promulgated pursuant to the authority of this section shall become effective unless it has been promulgated pursuant to the provisions of chapter 536, RSMo.
SECOND REGULAR SESSION
SENATE BILL NO. 931
89TH GENERAL ASSEMBLY
Read 1st time February 19, 1998, and 1,000 copies ordered printed.
TERRY L. SPIELER, Secretary.
S3826.02I
To amend chapter 135, RSMo, by adding thereto one new section relating to income tax credits for dependents.
Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.650, to read as follows:
135.650. 1. A resident taxpayer who is allowed a dependency exemption deduction pursuant to section 143.161, RSMo, shall be allowed a credit against the tax otherwise due pursuant to chapter 143, RSMo, not including sections 143.191 to 143.265, RSMo, in an amount equal to two hundred fifty dollars for each dependent.
2. The credit may be taken for any taxable year in which the taxpayer files an income tax return claiming the dependency exemption deduction and shall be allowed if the taxpayer's filing status is single, head of household, qualifying widow(er), or married filing separately and the taxpayer's Missouri adjusted gross income is fifteen thousand dollars or less, or if the taxpayer's filing status is married filing combined and their combined Missouri adjusted gross income is thirty thousand dollars or less.
3. The director of the department of revenue shall promulgate rules and regulations to determine taxpayer qualifications and filing requirements for the credit authorized pursuant to this section. No rule or portion of a rule promulgated pursuant to the authority of this section shall become effective unless it has been promulgated pursuant to the provisions of chapter 536, RSMo.