MO
Missouri House Bill HB2880

Missouri 2022 Regular Session

Missouri House Bill HB2880

Introduced
3/1/22  

Caption

Establishes an income tax credit for certain seniors who have a property tax liability on their primary residence

Impact

The implementation of HB 2880 is expected to positively impact state laws by providing a mechanism for financial relief targeted at seniors. This could result in a notable shift in the fiscal landscape for older residents, allowing them to retain ownership of their homes despite potentially rising property taxes. However, the bill also carries implications for state revenue, as the introduction of this credit could reduce the amount of tax revenue collected from income sources. This balance between providing needed relief for seniors and ensuring adequate state funding will be a critical aspect of the discussion surrounding the bill.

Summary

House Bill 2880 establishes an income tax credit specifically designed for certain seniors who bear a property tax liability on their primary residence. This initiative aims to alleviate the financial burden that property taxes impose on older residents, providing them with a crucial source of financial relief. By offering an income tax credit, the bill seeks to ensure that seniors, particularly those on fixed incomes, are not disproportionately affected by property tax increases. The overarching goal is to support this demographic in maintaining financial stability and housing security as they age.

Contention

While many advocates argue that HB 2880 is a necessary step in supporting the elderly population, there may also be contention regarding its fiscal implications and the criteria for eligibility. Proponents emphasize the importance of addressing the financial challenges faced by seniors, while critics could raise concerns about the cost of implementing the tax credit and whether it adequately targets those most in need. Discussions may also focus on how such tax credits fit within the broader framework of tax policy reform and the equitable distribution of tax benefits among various demographics.

Companion Bills

No companion bills found.

Previously Filed As

MO SB00025

An Act Establishing A Property Tax Credit Against The Personal Income Tax For Certain Seniors.

MO SB00063

An Act Establishing A Property Tax Credit Against The Personal Income Tax For Certain Seniors.

MO SB00077

An Act Establishing A Property Tax Credit Against The Personal Income Tax For Certain Seniors.

MO S01026

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

MO A01182

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

MO A03215

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

MO S05864

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year.

MO A06868

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.

MO S08685

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.

MO A03736

Establishes a tax credit for rent paid on the personal residence of certain taxpayers who lease the taxpayer's primary residence during the taxable year and who pay rent with respect to such residence in excess of thirty percent of such taxpayer's gross income for such taxable year whose income is less than fifty percent of the area median income.

Similar Bills

No similar bills found.