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MO HB1120
Bill
Status
Introduced
1/8/2014
Primary Sponsor
Jeremy LaFaver
Click for details
AI Summary
- Creates a state earned income tax credit equal to 20% of the federal earned income tax credit for resident individuals beginning in tax year 2014
- Credit is applied against Missouri income tax liability after all other credits and is refundable if it exceeds tax owed
- Married couples filing separately may elect to apply the credit to either spouse's liability or split it evenly between both
- Department of Revenue must proactively identify and notify eligible taxpayers who have not claimed the credit using federal and state tax data
- Department shall contract with nonprofit organizations to notify eligible taxpayers, with preference given to groups serving low-income communities and hard-to-reach populations including non-English speakers and elderly individuals
- Department must issue annual reports with statistics on credit claims, total revenue expended, and average credit values by income range
- Program automatically sunsets after 6 years unless reauthorized, then after 12 years if reauthorized
Legislative Description
Establishes the Missouri Earned Income Tax Credit Act authorizing an individual income tax credit equal to 20% of any earned income tax credit claimed on the taxpayer's federal income tax return
Last Action
HCS Voted Do Pass (H)
2/11/2014
Committee Referrals
Ways And Means1/16/2014
Full Bill Text
No bill text available