HCS HB 457 -- SENIOR CITIZENS' HOMESTEAD TAX RELIEF ACT

SPONSOR:  Sutherland

COMMITTEE ACTION:  Voted "do pass" by the Committee on Ways and
Means by a vote of 7 to 0.

This substitute changes the qualifications for and the amount of
credit allowed under the senior citizen/disabled person property
tax credit, commonly known as circuit breaker.  The program is
renamed the Senior Citizens' Homestead Tax Relief Act.  The
substitute also:

(1)  Increases from $25,000 to $25,500 the maximum income allowed
to claim the credit and indexes the new amount by the increase in
the federal Consumer Price Index in increments of $50; and

(2)  Increases from $13,000 to $13,300 the minimum base and
indexes the new amount by the increase in the federal Consumer
Price Index in increments of $50.

The substitute changes the laws regarding the Missouri Homestead
Preservation Act by specifying the use of the term "base year,"
extending the deadline to file an application from September 30
to October 15, and requiring the Director of the Department of
Revenue to determine the apportionment percentage by equally
distributing it among all eligible applicants.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of $100,228
in FY 2008, $1,042,913 in FY 2009, and $4,902,335 in FY 2010.  No
impact on Other State Funds in FY 2008, FY 2009, and FY 2020.

PROPONENTS:  Supporters say that it is important that the income
limits are increased for the circuit breaker tax credit as the
Consumer Price Index increases.

Testifying for the bill was Representative Sutherland.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:19 am