SPONSOR: Byrnes
This bill establishes the "Missouri No Tax on Car Loan Interest Tax Credit".
Beginning January 1, 2026, a qualified taxpayer may claim a tax credit against his or her State tax liability in an amount equal to the total amount of the qualified passenger vehicle loan interest paid or accrued during the tax year, not to exceed $10,000 per taxpayer per year. For taxpayers whose income exceeds $100,000 ($200,000, jointly), the amount allowable as a tax credit must be reduced by as described in the bill.
These tax credits are not refundable, and they may not be carried forward. They must not be assigned, transferred, sold, or otherwise conveyed.
This program sunsets four years after the effective date.
Statutes affected: