Senator Tracy McCreery’s Bipartisan “Circuit Breaker” Tax Credit Bill Heads to Committee Hearing   

JEFFERSON CITY — On Feb. 12, the Senate Economic Development and Tax Policy Committee will hear Senate Bill 822, a bipartisan “circuit breaker” bill introduced by State Sen. Tracy McCreery, D-St. Louis County, that aims to update Missouri’s Property Tax Credit and help keep low-income seniors and disabled individuals in their homes. 

Inflation, increasing home values, rising rents and growing property taxes are driving many older Missourians out of their long-time homes and making accessible housing out of reach for people living with disabilities. Like an electric circuit breaker that cuts off the flow of current to protect an electrical circuit from damage, the Missouri Property Tax Credit kicks in for eligible, low-income Missouri taxpayers when property taxes exceed a certain percentage of their income. 

“The Missouri Property Tax Credit helps offset costs related to property taxes, but the income eligibility guidelines and tax credit amounts haven’t been changed since 2008,” said Sen. McCreery. “Missouri’s circuit breaker tax credit is a lifeline for many Missourians, and it desperately needs to be updated and adjusted for inflation,” said Sen. McCreery. 

Senate Bill 822 would increase the maximum tax credit amount to $1,055 (from $750) for renters and to $1,550 (from $1,100) for homeowners.

 It would expand income eligibility to $38,200 (from $27,500) for single renters, to $41,000 (from $29,500) for married renters, to $42,200 (from $30,000) for single homeowners and to $48,000 (from $34,000) for married homeowners. The legislation would also incorporate annual adjustments to keep up with inflation. According to the Missouri Budget Project, these improvements would benefit nearly 300,000 Missourians.

For more information about Sen. McCreery, visit senate.mo.gov/McCreery.