MO HB1576

Establishes a tax credit for individuals age 70 or older against Missouri income tax (chapter 143) equal to 50% of personal property taxes paid on motor vehicles they own.

Married individuals qualify if either spouse is age 70 or older as of December 31 of the taxable year the credit is claimed.

Tax credit becomes effective January 1, 2011, and any excess credit amount not needed to offset state tax liability is refundable to the taxpayer.

Department of Revenue authorized to promulgate rules for implementation under chapter 536 rulemaking procedures.

Program automatically sunsets December 31, six years after the effective date unless reauthorized by the General Assembly, with a subsequent 12-year sunset if reauthorized.