MO HB1119

Repeals and replaces sections 135.025 and 135.030 of Missouri Revised Statutes relating to senior citizens property tax relief, effective January 1, 2015.

Increases the maximum property tax credit cap from $1,100 to $1,375 for actual property tax paid and from $750 to $937.50 for rent constituting property taxes.

Maintains income thresholds with a minimum base of $14,300 and maximum upper limit of $27,500 for most claimants, or $30,000 for homesteads owned and occupied for the entire year.

Requires the Director of Revenue to notify qualified senior citizens who have not applied for the property tax credit of their potential eligibility.

Property tax credit calculations use a table based on income level, with credits ranging from 0 percent to 4 percent accumulative per each $300 of income above the minimum base.