Loading chat...
MO HB1060
Bill
Status
2/25/2015
Primary Sponsor
Todd Richardson
Click for details
AI Summary
-
Taxpayers may designate all or a portion of their state tax refund to be deposited into a specified Missouri higher education savings plan (MOST 529) account, effective for tax years beginning January 1, 2016
-
State income tax return forms must clearly print the contribution designation option; taxpayers without sufficient refunds may contribute via separate check sent with tax payment
-
Minimum refund threshold of $25 required to make a designation; contributions only transferred after all other claims against the refund are satisfied
-
Contributions cannot cause the beneficiary's total account balance to exceed the contribution limit established under section 166.420
Legislative Description
Allows for a taxpayer to indicate on tax filings to redirect the taxpayer's refund, if applicable, to a MOST account
Last Action
Voted Do Pass with Amendments (H)
3/17/2015