MO HB2406

Allows Missouri resident taxpayers to deduct tuition, attendance fees, and school supplies paid for dependents enrolled in grades K-12 in in-state schools, effective January 1, 2012

Limits deduction to $2,500 per dependent per taxable year, with the deduction amount equal to full expenses but not exceeding the cap

Defines "dependent" as any child of the taxpayer enrolled in kindergarten through twelfth grade at an elementary or secondary school located in Missouri

Grants the Department of Revenue authority to establish procedures for claiming the deduction and promulgate implementing rules under Missouri's rulemaking provisions

Program automatically sunsets December 31, six years after effective date unless reauthorized by the general assembly, with extended sunset of twelve years if reauthorized