MO SB25

Creates a Missouri state income tax credit for qualifying dependent children, effective for tax years beginning January 1, 2016

Credit amount is $300 per child for lower-income taxpayers (single filers earning $20,000 or less; head of household earning $35,000 or less; married filing combined earning $40,000 or less)

Credit amount is $200 per child for moderate-income taxpayers (single filers earning $20,001-$35,000; head of household earning $35,001-$70,000; married filing combined earning $40,001-$70,000)

Single filers with income over $35,000 and all other filers with income over $70,000 are ineligible for the credit

Credit is nontransferable and nonrefundable, with no carry-forward or carry-back provisions for unused amounts