SB 64 - Current law authorizes an income tax credit for certain senior citizens and disabled veterans in amount equal to a portion of such taxpayer's property tax liabilities, with the amount of the credit dependent on the taxpayer's income and property tax liability. This act modifies the definition of "income" to increase the amount deducted from Missouri adjusted gross income from $2,000 to $2,800, or, for claimants who owned and occupied the residence for the entire year, such amount is increased from $4,000 to $5,800. (Section 135.010)

The maximum allowable credit under current law is limited to $750 in rent constituting property taxes actually paid or $1,100 in actual property tax paid. This act increases such amounts to $1,055 and $1,550, respectively, and annually adjusts such maximum amounts for inflation. (Section 135.025)

Additionally, current law limits the tax credit to qualifying taxpayers with an income of $27,500 or less, or $30,000 in the case of a homestead owned and occupied by a claimant for the entire year. This act increases such maximum income to $38,200 for claimants with a filing status of single, $42,200 for claimants with a filing status of single and who owned and occupied a homestead for the entire year, $41,000 for claimants with a filing status of married filing combined, and $48,000 for claimants with a filing status of married filing combined and who owned and occupied a homestead for the entire year, and annually adjusts such amounts for inflation. (Section 135.030)

This act is identical to SB 822 (2024) and is substantially similar to SB 930 (2024), HCS/HB 1428 (2024), HB 1670 (2024), HB 1939 (2024), HB 2050 (2024), HB 666 (2023), and HCS/HB 1134 (2023), and to provisions in HB 1636 (2024), SS/SCS/SB 15 (2023), HCS/SS/SB 143 (2023), HCS/SB 247 (2023), and HB 1351 (2023).

JOSH NORBERG

Statutes affected:
Introduced (0235S.01): 135.010, 135.025, 135.030

Senate Committee Minutes:
SENATE COMMITTEE MINUTES Bill No.: SB 64
Sponsor: McCreery
Hearing Date: 2/19/2025


COMMITTEE: Economic and Workforce Development

CHAIRMAN: Brown (26)

DATE REFERRED: 1/16/2025 DATE HEARING REQUESTED: 2/13/2025



STAFF:
Mary Beth Bruns
Frank Catanzaro
Hannah Embry
Josh Norberg


WITNESSES GIVING INFORMATION:



WITNESSES FOR:
Jay Hardenbrook - AARP
Bryan Colby - Missouri Budget Project
Lucas Caldwell-McMillian - Empower Missouri
Kelvin Simmons - Healthcare Coalition of Kansas City
Tom Dempsey - Catholic Charities and Arch Diocease of St. Louis
Madison Echert - Area Agencies on Aging


WITNESSES AGAINST: