MO HB1240

Allows Missouri resident taxpayers to deduct the full amount of tuition paid for dependents enrolled in kindergarten through 12th grade or postsecondary education institutions within the state.

Deduction applies to all taxable years beginning on or after January 1, 2011, and is claimed in addition to all other deductions listed in Missouri tax code.

Defines "dependent" as any dependent of the taxpayer who is enrolled in grades K-12 in any elementary or secondary school or enrolled in any in-state postsecondary education institution.

Department of Revenue shall establish procedures for claiming the deduction and may promulgate rules to implement the provision under chapter 536 authority.

Program automatically sunsets on December 31 six years after effective date unless reauthorized by the general assembly, with a subsequent sunset date of December 31 twelve years after reauthorization.