MO HB1520

Repeals and replaces sections 143.151 and 143.161 of Missouri Revised Statutes regarding income tax exemptions.

Increases the personal exemption deduction for residents from $2,100 to $2,625 per person (for self and spouse) for taxable years beginning January 1, 2011 and later.

Increases the dependent exemption deduction from $1,200 to $2,100 per dependent for taxable years beginning January 1, 2011 and later.

Maintains an additional $1,000 deduction for dependents aged 65 and older who reside in the taxpayer's home or own home, or who do not receive Medicaid or state facility funding.

Maintains an additional $1,400 deduction for residents who qualify as unmarried head of household or surviving spouse for federal income tax purposes.