HS HCS HB 517, 94, 149, 150 & 342 -- ASSISTANCE FOR THE ELDERLY
(Portwood)

This substitute:

(1)  Limits to 5% the annual increase in the assessed valuation
on any residence used as a homestead for taxpayers aged 65 years
and older and freezes the assessed valuation on any residence
used as a homestead for taxpayers who are aged 65 years and older
and permanently and totally disabled or caring for someone of any
age who is permanently and totally disabled.  There is an
enrollment fee of $15, payable to the local assessment fund each
assessment cycle;

(2)  Requires the state, through appropriations, to reimburse the
losses of any political subdivision caused by the homestead
exemption; and

(3)  Lowers the rebate for generic drugs for pharmaceutical
manufacturers participating in the Missouri Senior Rx Program
from 15% to 11% for drugs sold after July 1, 2003;

The substitute contains an emergency clause pertaining to the
rebate for generic drugs.

FISCAL NOTE:  Estimated Net Cost to General Revenue Fund of $0 in
FY 2004, $0 in FY 2005, and Unknown in FY 2006.  Unknown is
expected to exceed $100,000 per year.  Political subdivision
reimbursement subject to appropriation, and does not include
possible costs to fully fund Foundation Formula.  Net Reduction
to Blind Pension Fund of $0 in FY 2004, $0 in FY 2005, and $0 to
$15,400 in FY 2006.  Estimated Net Savings to Senior Rx Fund of
$8,550,000 in FY 2004, $14,650,000 in FY 2005, and $15,400,000 in
FY 2006.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:12 am