HB 871 -- Tax Credits for Gifts to Certain Persons

Sponsor:  Thompson

This bill authorizes a state income tax credit for taxpayers who
make gifts of personal property to persons whose income is below
the federal poverty level.

The tax credit for each gift by a taxpayer is limited to $10,000
per occurrence and to $50,000 per tax year.  The credit is not
refundable but excesses may be carried over to the next four
succeeding tax years.

The Department of Social Services will provide a method for
identifying persons whose incomes are below federal poverty level
and for verifying the credit amount.

The provisions of the bill will expire six years from the
effective date.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:14 am