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MO HB628
Bill
Status
2/18/2013
Primary Sponsor
Margo McNeil
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AI Summary
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Allows individuals to deduct 100% of tuition and fees paid to complete their final credits at Missouri public two-year or four-year higher education institutions, effective for tax years beginning January 1, 2014
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Limits deduction to a maximum of 9 credit hours for associate degrees or 18 credit hours for bachelor degrees, with no deduction exceeding 18 credit hours per taxpayer
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Requires taxpayers to have been Missouri residents for at least one year prior to claiming the deduction and to have not been enrolled as full-time students for at least four consecutive calendar years before resuming their degree program
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Directs the Department of Revenue to establish procedures for claiming the deduction and to promulgate implementing rules in consultation with Missouri public higher education institutions
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Program automatically sunsets December 31, six years after the effective date unless reauthorized by the General Assembly, and if reauthorized, sunsets December 31, twelve years after reauthorization
Legislative Description
Authorizes an income tax deduction for 100% of the tuition and fees paid for up to the last nine or 18 hours required to complete an associate or bachelor degree from a public two-year or four-year college
Last Action
Public Hearing Completed (H)
4/2/2013