MO HB1577

Creates a $1,000 income tax credit for resident taxpayers age 65 or older with Missouri adjusted gross income of $9,570 or less for tax years beginning January 1, 2011 or later.

Credit is claimed when filing a tax return and any excess amount over tax liability shall be refunded to the taxpayer rather than carried forward.

Director of the Department of Revenue is authorized to promulgate rules necessary to administer the credit under chapter 536 procedures.

Program automatically sunsets December 31, 2015 unless reauthorized; if reauthorized, sunsets December 31, 2021; and the statute itself terminates September 1, 2022.