SPONSOR: Dean
Currently, a qualified senior citizen or disabled veteran may receive a tax credit based on the taxpayer's income and property tax liability.
This bill increases the amount to be deducted from the taxpayer's Missouri adjusted gross income from $2,000 to $2,800. For qualified taxpayers who owned and occupied their residence for the entire year, the amount to be deducted increases from $4,000 to $5,800.
This bill increases the maximum tax credit for rent constituting property taxes actually paid from $750 to $1,055 and increases the maximum credit for actual property tax paid from $1,100 to $1,550. Both increases to the maximum credits will be adjusted annually for inflation.
Currently, the tax credit is limited to a qualified senior citizen or disabled veteran with an income of $27,500 or less, or in the case of a qualified taxpayer who owns and occupies their homestead for the entire year with an income of $30,000.
This bill increases income levels for qualifying taxpayers as follows:
(1) For taxpayers filing as single, $38,200;
(2) For taxpayers filing as single and who own and occupy a homestead for the entire year, $42,200;
(3) For taxpayers filing as married combined, $41,000;
(4) For taxpayers filing as married combined and who own and occupy a homestead for the entire year, $48,000.
The income increases will be adjusted annually for inflation.
This bill is the same as HB 1093 and SB 64(2025).
Statutes affected: