MO SB179

Establishes a one-time Missouri income tax deduction for taxpayers who purchase new, owner-occupied single-family residences with construction completed between August 28, 2013, and December 31, 2015

Deduction amount equals the lesser of one-third of the purchase price or $166,667, available for tax years beginning January 1, 2013, through December 31, 2015

Unused deductions may be carried forward to subsequent tax years until fully claimed, with carryforward allowed if the deduction exceeds the taxpayer's Missouri adjusted gross income

Taxpayers must recapture (repay) any claimed deduction if they sell the residence or cease using it as their primary residence before the end of the two-year recapture period, with an exception for transfers to spouses, former spouses in divorce settlements, or grantor trusts

Program automatically sunsets December 31, 2015, unless reauthorized by the General Assembly, though taxpayers may continue claiming benefits for qualifying activities completed before the sunset date