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MO HB1555
Bill
Status
1/7/2010
Primary Sponsor
Shane Schoeller
Click for details
AI Summary
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Allows Missouri taxpayers a deduction from adjusted gross income for loan payments used to repair flood damage to their premises, effective for tax years beginning January 1, 2011 or later.
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Applies only when flood damage was not caused by the taxpayer themselves.
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Authorizes the Department of Revenue to establish procedures and promulgate rules for claiming the deduction under Chapter 536 rulemaking authority.
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Program sunsets on December 31 six years after the effective date unless reauthorized by the General Assembly, with a secondary sunset of twelve years if reauthorized.
Legislative Description
Authorizes an income tax deduction from a taxpayer's Missouri adjusted gross income for payments made on a loan obtained to repair flood damage to the taxpayer's premises if not caused by the taxpayer
Last Action
Referred: Ways and Means (H)
5/14/2010