MO HB1049

Creates a state income tax credit for homeowners age 65 and older equal to the full amount of real property taxes paid on their primary residence, effective for tax years beginning January 1, 2016

Requires homeowners to have owned their primary residence for at least two years and own it outright with no mortgage or other obligations to qualify

Allows married couples to qualify if only one spouse meets the eligibility requirements

Permits qualified seniors who move to a new home to waive the two-year ownership requirement, provided the new residence is also owned free of any obligations

Tax credits are refundable but cannot be sold, transferred, or assigned; taxpayers must pay property taxes when due and claim the credit on their Missouri income tax return