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MO SB666
Bill
Status
Introduced
1/8/2014
Primary Sponsor
Eric Schmitt
Click for details
AI Summary
- Residential real property owners are eligible for a one-year income tax credit equal to 0.75% of the assessed value of their property for tax year 2014
- Taxpayers must own the residential real property on January 1, 2014, to qualify for the credit
- The credit applies against income tax liability under Chapter 143, excluding withholding tax, and excess credits are refunded as overpayments
- Taxpayers claiming the credit must submit a copy of their 2014 property tax statement with their income tax return or prior to filing
- The Department of Revenue shall promulgate rules to implement this section, with all rules subject to Chapter 536 review provisions and any rules adopted after August 28, 2014, declared invalid if Chapter 536 powers are held unconstitutional
Legislative Description
Creates an income tax credit equal to 0.75% of the value of a taxpayer's residential real property
Last Action
S Formal Calendar S Bills for Third Reading--SS for SCS for SB 666-Schmitt (In Fiscal Oversight)
5/16/2014
Committee Referrals
Governmental Accountability & Fiscal Oversight2/25/2014
Jobs, Economic Development And Local Government1/23/2014
Full Bill Text
No bill text available