MO SB420

Allows participants in Missouri's higher education savings program (MOST 529 accounts) to direct deposit all or part of their state income tax refund into their savings account

Requires a minimum contribution of $25, and the contribution applies only to the tax year in which the refund is issued

Once the election to contribute is made, it cannot be changed or revoked

The Department of Revenue will prescribe the form for making this election and set the maximum number of accounts to which a taxpayer may contribute

The election becomes void if the taxpayer's refund is offset to pay other amounts owed by the taxpayer