Loading chat...
MO HB411
Bill
Status
1/8/2015
Primary Sponsor
Mike Kelley
Click for details
AI Summary
-
Creates a tax deduction of up to $5,000 for Missouri taxpayers who construct a storm shelter at their primary residence, with the shelter required to be "made in Missouri" and comply with FEMA Publication 320 standards
-
Caps total tax deductions statewide at $2 million per fiscal year, issued on a first-come, first-served basis, with each taxpayer limited to claiming the deduction once
-
Establishes a "Foster Child Education Fund" to provide private school scholarships to children in state protective custody for at least 6 of the last 36 months, funded through tax-credited donations
-
Provides a 65% tax credit for cash contributions to the Foster Child Education Fund, with individual credits capped at $25,000 per year and statewide credits capped at $5 million annually
-
Includes automatic sunset provisions: the storm shelter deduction expires 6 years after enactment unless reauthorized by the General Assembly
Legislative Description
Authorizes a one-time income tax deduction to a taxpayer for the cost of the construction or $5,000, whichever is less, of a storm shelter that was made in Missouri
Last Action
Laid Over (H)
4/28/2015