MO HB2460

Allows individual taxpayers a deduction of up to $250 per year for student loan payments made to lending institutions for educational expenses at public institutions of higher education in Missouri, beginning January 1, 2011.

Defines "student loan payments" as amounts paid by the taxpayer in the tax year to any lending institution as repayment for loans used for the taxpayer's educational expenses at Missouri public colleges or universities.

Directs the Department of Revenue to establish procedures for claiming the deduction and authorizes the department to promulgate rules to implement the provision under Chapter 536.

Establishes a sunset provision requiring the program to automatically expire on December 31 six years after the effective date unless reauthorized by the General Assembly, with a subsequent 12-year sunset period if reauthorized.