HCS SS SCS SB 730 -- HOMESTEAD PRESERVATION ACT

SPONSOR:  Gross (Lembke, 85)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Senior
Security by a vote of 17 to 0 with 1 present.

This substitute creates the Missouri Homestead Preservation Act
which allows persons 65 years of age or older and disabled
persons to obtain a tax credit for increases in their property
taxes which exceed 5%.  Tax credits will be applied to the
following year's property taxes and will be funded by state
appropriation.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of Unknown
in FY 2005, Unknown in FY 2006, and $1.6 million to Unknown in FY
2007.  FY 2007 subject to appropriation.  Estimated Effect on
Other State Funds of a cost of $0 in FY 2005, a cost of $8,000 in
FY 2006, and an income of $8,000 in FY 2007.  FY 2007 revenue
subject to appropriation.

PROPONENTS:  Supporters say that the bill specifies
qualifications in order to receive the tax credit and requires
that they must pay their taxes.  The bill will provide tax relief
for seniors without placing a financial burden on local school
districts.

Testifying for the bill were Senator Gross; Missouri School
Boards Association; Cooperating School Districts of St. Louis;
Missouri School Administrators Coalition; Missouri State Teachers
Association; Missouri Federation of Teachers; Missouri Assessors
Association; Silver-Haired Legislature; Cooperating School
Districts of Kansas City; Missouri Association of County Clerks;
Missouri Growth Association; Missouri County Collectors
Association; and Missouri Recorders Association.

OPPONENTS:  There was no opposition voiced to the committee.

Bob Dominique, Legislative Analyst

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:16 am