Missouri House Bill HB2050

Missouri 2024 Regular Session

• Introduced: 1/3/24
• Refer: 1/11/24

Caption

Modifies the "Senior Citizen Property Tax Relief Credit" or "circuit breaker" tax credit by increasing the maximum upper limit and property tax credit amounts

Impact

If enacted, HB2050 would have a significant impact on state tax laws, particularly those related to property taxes for the elderly. The increase in credit amounts is expected to ease the financial strain on senior citizens, allowing them to retain their properties and sustain their living conditions. Furthermore, the changes may prompt discussions on the adequacy of existing tax relief measures for vulnerable populations, emphasizing the state's commitment to support its senior citizens during economic hardships.

Summary

House Bill 2050 seeks to enhance financial support for senior citizens by modifying the existing Senior Citizen Property Tax Relief Credit, commonly referred to as the 'circuit breaker' tax credit. This proposed legislation aims to address the burden of property taxes on seniors by increasing the maximum upper limit and the amount of property tax credits available to eligible individuals. By doing so, the bill intends to provide greater financial relief and aid for senior citizens struggling with property tax payments.

Contention

Despite its intended benefits, HB2050 may face scrutiny regarding its overall impact on state revenues. Opponents of the bill may argue that increasing tax credits could strain state finances or reduce available funding for other essential services. Balancing the needs of senior citizens for tax relief with state budgetary constraints is likely to be a key point of contention in discussions surrounding the bill.