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MO HB1508

Bill

Official Source

Status

Introduced

1/16/2014

Primary Sponsor

Margo McNeil

Click for details

Origin

House of Representatives

2014 Regular Session

AI Summary

  • Increases the minimum base for calculating the Senior Citizens Property Tax Credit from $14,300 to $16,000 for calendar years beginning January 1, 2015 and thereafter
  • The minimum base remains at $14,300 for calendar years 2008 through 2014
  • Maintains the maximum upper limit at $27,500 for non-homesteads and $30,000 for homesteads occupied for the entire year
  • Property tax credit is calculated based on the amount by which property taxes exceed a percentage of income, using a table prescribed by the Director of Revenue
  • Requires the Department of Revenue to notify qualified taxpayers who have not applied for the credit of their potential eligibility

Legislative Description

Increases, from $14,300 to $16,000, the minimum base used to calculate the Senior Citizens Property Tax Credit, commonly known as circuit breaker

Last Action

Referred: Ways and Means(H)

1/29/2014

Committee Referrals

Ways And Means1/29/2014

Full Bill Text

No bill text available