MO SB350

Repeals the "rent constituting property taxes accrued" provision that allowed renters to claim 20 percent of gross rent as a property tax credit, effective for tax year 2013 and beyond.

Reduces the maximum allowable property tax credit from $1,100 (which included up to $750 in rent equivalent) to $1,100 in actual property tax only, eliminating the renter credit component.

Creates the Missouri Senior Services Protection Fund by depositing an amount equal to the fiscal year 2012 renter tax credit redemption annually beginning in fiscal year 2014.

Dedicates fund moneys to services for low-income seniors and people with disabilities, with investment earnings credited back to the fund and no reversion to the general revenue fund.

Requires the Department of Revenue to notify taxpayers who may qualify for the remaining property tax credit if they have not applied, even without subsection 4 of section 32.057 restrictions.