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MO HB194
Bill
Status
4/16/2013
Primary Sponsor
John Diehl
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AI Summary
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Allows individual taxpayers a one-time Missouri income tax deduction for purchasing a newly constructed single-family residence as their primary residence between August 28, 2013, and December 31, 2015
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Deduction amount equals the lesser of one-third of the home's contract sales price or $166,667, with a maximum tax benefit capped at $10,000
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Requires taxpayer to occupy the qualified principal residence for a two-year "recapture period"; if the home is sold or ceases to be the primary residence before the recapture period ends, any previously claimed deduction must be added back to income
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Taxpayers may carry forward any unused deduction that exceeds their Missouri adjusted gross income to subsequent tax years until fully claimed
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Program automatically sunsets December 31, 2015, unless reauthorized by the General Assembly; the Department of Revenue shall establish procedures and promulgate rules for claiming the deduction
Legislative Description
Authorizes a one-time individual income tax deduction for the purchase of a new home used as the principal residence of the taxpayer for at least two years.
Last Action
Placed on Informal Calendar
5/6/2013