Modifies the "circuit breaker" tax credit by increasing the maximum upper limit and property tax credit amounts
Impact
The implications of HB 1134 on state laws include an expansion of property tax relief for qualifying individuals, particularly those with fixed income constraints. It specifically targets homeowners and renters who may struggle with escalating property taxes, thereby improving the economic climate for lower-income groups. The bill also seeks to ensure that inflationary adjustments will apply annually, providing ongoing support for those who meet the criteria.
Summary
House Bill 1134 modifies the 'circuit breaker' property tax credit in Missouri, primarily aimed at supporting elderly and disabled residents. The bill proposes to increase the maximum upper limit and property tax credit amounts on qualifying claims, making the benefits more accessible for low-income residents. Specifically, it revises the definitions and eligibility requirements concerning claimants, particularly emphasizing those aged sixty-five or older and disabled veterans.
Sentiment
General sentiment around HB 1134 appears to be positive, especially among advocacy groups for seniors and veterans. Supporters argue that the increased credit will offer much-needed financial relief and recognize the contributions of disabled veterans. However, some concerns were raised regarding the financial impact of these changes on state revenue and whether the adjustments might lead to increased burdens on other residents through elevated taxes or altered funding for state programs.
Contention
Notable points of contention relate to the potential challenge of balancing budgetary constraints while providing increased benefits. While supporters highlight the necessity of aiding vulnerable populations, detractors express concerns over the sustainability of raising the credit limits. The debate emphasizes the importance of fiscal responsibility, with discussions focusing on how such enhancements might need to be financed and the broader long-term impact on the state's tax structure.
Modifies the "Senior Citizen Property Tax Relief Credit" or "circuit breaker" tax credit by increasing the maximum upper limit and property tax credit amounts
Modifies the "Senior Citizen Property Tax Relief Credit" or "circuit breaker" tax credit by modifying the eligibility criteria, increasing the maximum upper limit, and increasing the property tax credit amounts
Modifies the "circuit breaker" tax credit by increasing the maximum upper limits and adjusting the property tax credit income phase-out increment amounts
Modifies the "circuit breaker" tax credit by increasing the maximum upper limits and adjusting the property tax credit income phase-out increment amounts
Modifies the senior citizen property tax relief credit or circuit breaker tax credit by expanding the eligibility criteria and increasing the maximum income limit and the property tax credit amounts