HCS HB 649 -- INCOME TAX CREDIT FOR THE ELDERLY AND DISABLED FOR
PROPERTY TAXES PAID (Fares)

COMMITTEE OF ORIGIN:  Senior Citizen Advocacy

This substitute authorizes, beginning January 1, 2006, a 50% tax
credit to the elderly and disabled who have lived in their home
for at least 20 years and who have spent at least 10% of their
household income on real property taxes.  An elderly person will
not be able to claim this credit if they filed a valid claim
under Section 137.016, RSMo, for the same tax year.  An eligible
taxpayer is not allowed to claim the tax credit for the year
their homestead is sold.

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

FISCAL NOTE:  Estimated Effect on General Revenue Fund of an
Income of $0 in FY 2006, a Cost of Unknown in FY 2007, and a Cost
of Unknown in FY 2008.  Expected to exceed $100,000.  No impact
on Other State Funds in FY 2006, FY 2007, and FY 2008.

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:20 pm