MO HB784

Repeals and replaces section 135.025 of Missouri Revised Statutes regarding the property tax credit.

Removes rent as a component in calculating property tax credits, limiting the credit to $1,100 in actual property taxes paid (previously included up to $750 in rent constituting property taxes).

Requires the Department of Revenue to calculate the amount of property tax credit attributable to renters in fiscal year 2012 and deposit that amount annually to the Missouri Senior Services Protection Fund beginning in fiscal year 2014.

Creates the Missouri Senior Services Protection Fund in the state treasury to receive annual deposits and gifts, with funds appropriated for services for low-income seniors and people with disabilities.

Designates the State Treasurer as custodian of the fund; allows interest and investment earnings to be credited to the fund; and prevents fund balances from reverting to the general revenue fund at the end of each biennium.