HB1480--ATAXCREDITFORPROPERTYTAXLIABILITIESOFCERTAIN
PERSONS
SPONSOR: Hein
Currently,aqualifiedseniorcitizenordisabledveteranmay
receiveataxcreditbasedonthetaxpayer'sincomeandproperty
taxliability.
Thisbillincreasestheamounttobedeductedfromthetaxpayer's
Missouriadjustedgrossincomefrom$2,000to$2,800.For
qualifiedtaxpayerswhoownedandoccupiedtheirresidenceforthe
entireyear,theamounttobedeductedincreasesfrom$4,000to
$5,800.
Thisbillincreasesthemaximumtaxcreditforrentconstituting
propertytaxesactuallypaidfrom$750to$1,055andincreasesthe
maximumcreditforactualpropertytaxpaidfrom$1,100to$1,550.
Bothincreasestothemaximumcreditswillbeadjustedannuallyfor
inflation.
Currently,thetaxcreditislimitedtoaqualifiedseniorcitizen
ordisabledveteranwithanincomeof$27,500orless,orinthe
caseofaqualifiedtaxpayerwhoownsandoccupiestheirhomestead
fortheentireyearwithanincomeof$30,000.
Thisbillincreasesincomelevelsforqualifyingtaxpayersas
follows:
(1)Fortaxpayersfilingassingle,$38,200;
(2)Fortaxpayersfilingassingleandwhoownandoccupya
homesteadfortheentireyear,$42,200;
(3)Fortaxpayersfilingasmarriedcombined,$41,000;
(4)Fortaxpayersfilingasmarriedcombinedandwhoownand
occupyahomesteadfortheentireyear,$48,000.
Theincomeincreaseswillbeadjustedannuallyforinflation.
ThisbillisthesameasHB1093(2025)andSB64(2025).