MO HB1768

Allows individuals subject to Missouri income tax to claim a tax credit for excess property taxes paid to their school district, effective for taxable years beginning January 1, 2011

Excess property taxes are calculated by multiplying the taxpayer's school district property taxes paid by the funding source percentage difference (the difference between the state average local funding percentage and the individual's school district local funding percentage)

If the tax credit exceeds the taxpayer's state income tax liability, the excess amount may be carried forward to the next three taxable years but is not refundable

No tax credit is issued if the taxpayer's funding source percentage difference is equal to or less than zero

The program automatically sunsets on December 31 six years after the effective date unless reauthorized by the legislature, and if reauthorized, sunsets on December 31 twelve years after reauthorization