HB1430--SENIORCITIZENPROPERTYTAXRELIEFCREDIT
SPONSOR: Boykin
Currently,theSeniorCitizenPropertyTaxRelieftaxcreditis
availableforaveteranofanybranchoftheUnitedStatesArmed
Forceswhobecame100%disabledasaresultofsuchservice.
Thisbillincludesveteranswhobecame100%disablednotasa
resultofmilitaryservice,butaveteranwhoisreceiving
DepartmentofVeteransAffairsbenefitsunderAidandAttendanceof
Houseboundstatusforhisorhernon-serviceconnecteddisability.
Currently,upto$750inrentconstitutingpropertytaxesor$1,100
inactualpropertytaxpaidmustbeusedindetermininghowmuchof
ataxcreditaqualifyingtaxpayercanclaim.
BeginningJanuary1,2026,thetotalamountofpropertytaxes
accruedorrentconstitutingpropertytaxesaccruedthatexceeds
theclaimant'sincomebyfourpercentormoremustbeusedin
determiningtheamountofthepropertytaxcredit,upto$1,500in
rentconstitutingpropertytaxesactuallypaidoractualproperty
taxpaid.
BeginningJanuary1,2026,qualifyingveteranswhoare100%
disabledwillhavenolimitonthetotalofrentconstituting
propertytaxesactuallypaidoractualpropertytaxpaid.Such
disabledveterancanreceiveapropertytaxcreditforthefull
amountofsuchtotal,includinganyamountinexcessofthe$1,500
limit.
BeginningJanuary1,2027,themaximumpropertytaxcredittotals
willbeincreasedannuallyforinflationbasedonthepercentage
increaseininflationascalculatedannuallyforpersonalincome
taxbrackets.
Currently,themaximumupperlimitofincomeindeterminingthe
propertytaxcreditis$27,500,andinthecaseofahomestead
ownedandoccupiedfortheentireyearbytheclaimantthemaximum
upperlimitis$30,000.
BeginningJanuary1,2026,themaximumupperlimitmustbe$50,000,
andforaveteranwhois100%disabledtherewillbenomaximum
upperlimitofincome.
BeginningJanuary1,2027,themaximumupperlimitofincomemust
beincreasedannuallyforinflationbasedonthepercentage
increaseininflationascalculatedannuallyforpersonalincome
taxbrackets. Currently,aqualifyingtaxpayer'sspouseresidingatthesame
addressisalloweda$4,000exemptionagainsttheirMissouri
adjustedgrossincome.BeginningJanuary1,2026,suchspousecan
claima$20,000exemption.
Currently,theminimumbaseofincomeindeterminingtheproperty
taxcreditis$14,300. BeginningJanuary1,2026,theminimumbase
willbethesameasthemaximumupperlimitofincome.