HB 398 -- Income Tax:  Tax Credit for Certain Educational
Expenses

Sponsor:  Cunningham (86)

This bill authorizes an individual income tax credit for certain
qualified educational expenses incurred by a taxpayer on behalf
of a qualified dependent attending grades 1 through 12 in
Missouri.

The amount of the tax credit will be equal to the amount of
educational expenses incurred by a taxpayer up to a maximum of
$2,500 per dependent per taxable year.  The amount of tax credit
taken cannot exceed the tax liability of the taxpayer in any one
year.

The tax credit will apply to all tax years beginning on or after
January 1, 2007, or upon the beginning of any state fiscal year
in which total state revenues for the previous fiscal year
exceeds 120% of total state revenues for Fiscal Year 2000,
whichever occurs first.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am