Financial Relief for Missouri’s Senior Citizens

For those who know me or have followed my career, you know that my personal faith is vital to who I am as a person and as an elected official. One of the core beliefs and teachings of that faith is that we must help those who cannot help themselves, a mission I keep close to my heart every day as my colleagues and I work through the process of passing legislation that improves our state and the lives of its citizens.

One such bill that I have received numerous questions about and want to highlight this week is Senate Bill 190. At a time when inflation drastically outpaces most people’s income, senior citizens on a tight budget are being squeezed most of all. This legislation aims to ease that burden by providing two forms of tax relief to our older generations, providing them peace of mind during their well-earned retirement years. I was proud to have supported this bill as it came up for a vote with the Fiscal Oversight Committee, which I chair, and on the floor of the Senate chamber, where it passed with bipartisan support.

Senate Bill 190 relieves tax burdens for seniors through credits and deductions. First, it freezes real property tax liability for seniors’ primary residences at the level it was when the owner became eligible for Social Security. Counties can grant tax credits that offset the increases in property tax liability moving forward. Again, the counties are the ones that now have to grant this. Hopefully, we will see our counties moving to make these changes a reality.

We have all seen how inflation has impacted property values and property taxes as a result. We simply must protect our fixed-income seniors. Many have found these increases to be a financial burden they simply cannot bear.

The bill will also get more money in seniors’ pockets paycheck-to-paycheck by ending the taxation of Social Security benefits. Missouri is part of a small minority of states that still tax retirees on this benefit. Starting Jan. 1, 2024, seniors will be able to claim 100% of their social security benefits as a deduction from their state adjusted gross income.

Senate Bill 190 has been sent to the governor and is pending his approval.

Contact Me

I always appreciate hearing your comments, opinions and concerns. Please feel free to contact me in Jefferson City at (573) 751-2459. You may write me at Holly Rehder, Missouri Senate, State Capitol, Rm 433, Jefferson City, MO 65101, send an email to Holly.Rehder@senate.mo.gov or visit www.senate.mo.gov/Rehder.