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MO SB513
Bill
Status
Introduced
1/8/2014
Primary Sponsor
John Lamping
Click for details
AI Summary
- Creates a $400 per qualifying child income tax credit against Missouri state income tax for tax years beginning January 1, 2015 or later
- Taxpayers must be entitled to a federal dependency exemption for each qualifying child to claim the credit
- Eligible taxpayers are those with single, head of household, qualifying widow(er), or married filing separately status earning $46,100 or less in Missouri adjusted gross income, or married filing combined status earning $92,200 or less combined
- Credit is nontransferable and nonrefundable with no carryforward or carryback provisions
- Department of Revenue must promulgate rules to implement the provision, subject to chapter 536 requirements and review procedures
Legislative Description
Creates an income tax credit based on the number of taxpayer's dependent children
Last Action
Voted Do Pass S Ways and Means Committee
4/3/2014
Committee Referrals
Ways And Means And Fiscal Oversight1/9/2014
Full Bill Text
No bill text available