MO HB2394

Allows a deduction from Missouri taxable income equal to the down payment amount for first-time home purchases of a primary residence, effective for tax years beginning January 1, 2011 or later.

Applies to any individual subject to Missouri income tax who qualifies as a first-time home buyer.

Authorizes the Department of Revenue to establish procedures and promulgate rules to implement the deduction, subject to Missouri's rulemaking requirements under chapter 536.

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