HB1931 - TAXATION - Hendrickson, Carl
HB1931 CHANGE CIRCUIT BREAKER LAW AND CREATES A HOMESTEAD PRESERVATION ACT.
Sponsor: Hendrickson, Carl (97) Effective Date:01/01/99
CoSponsor: Murphy, Jim (95) LR Number:4085-01
Last Action: 04/09/98 - Referred: Ways and Means (H)
HB1931
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1931 Copyright(c)
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Available Bill Text for HB1931
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Available Fiscal Notes for HB1931
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BILL SUMMARIES

INTRODUCED

HB 1931 -- Taxation

Co-Sponsors:  Hendrickson, Murphy, Enz

This bill increases the qualifying income levels used to
determine eligibility and the credit amount for the senior
citizen/disabled veteran property tax credit against individual
income tax.  This credit is commonly known as "Circuit Breaker."

The bill increases the maximum level of income allowed to
qualify from the current amount of $15,000, to $25,000 in 1998
and thereafter.

The bill also increases the minimum base from the current level
of $5,900, to $10,000 in 1999 and thereafter.  The minimum base
is the highest income level at which taxpayers receive the
maximum amount of credit for property taxes paid.

The bill also modifies the table from which the allowable tax
credits are calculated and requires the Department of Revenue to
notify taxpayers who potentially may be eligible for the credit.

In addition, the bill creates the "Missouri Homestead
Preservation Act."  The act caps increases in real property tax
on the homestead of a taxpayer age 65 years or older to the
annual percentage increase in the consumer price index.  All
revenue lost from the capping of the property taxes will be
reimbursed to the affected political subdivision from funds
obtained by the state from the tobacco settlement trust fund
created in the bill.

This bill will become effective January 1, 1999.


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Last Updated November 12, 1998 at 1:56 pm