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MO HB1218
Bill
Status
1/9/2012
Primary Sponsor
Margo McNeil
Click for details
AI Summary
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Increases the minimum base for calculating the Senior Citizens Property Tax Credit from $14,300 to $16,000, effective January 1, 2013
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The maximum upper limit for income eligibility remains $27,500 for non-homesteads and $30,000 for homesteads occupied year-round
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The credit is calculated based on the amount by which property tax exceeds a percentage of income, with the percentage increasing cumulatively from 0 to 4 percent as income rises
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The Department of Revenue must identify taxpayers who may qualify for the credit and notify them of their potential eligibility
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Property tax credits are capped at $1,100 annually for those with income at or below the minimum base
Legislative Description
Increases from $14,300 to $16,000 the minimum base used to calculate the Senior Citizens Property Tax Credit, commonly known as circuit breaker
Last Action
Public Hearing Completed (H)
2/16/2012