Bill > HB1428

This bill modifies the "circuit breaker" tax credit by increasing the maximum upper limits and adjusting the property tax credit income phase-out increment amounts. Specifically, it increases the maximum upper limit for the property tax credit from $27,500 to $32,500 for all calendar years beginning on or after January 1, 2025, and from $30,000 to $40,000 for homesteads owned and occupied for the entire year by the claimant. Additionally, it adjusts the income phase-out increment amounts from $300 to $495 for calendar years beginning on or after January 1, 2025. These changes are intended to make the "circuit breaker" tax credit more accessible to eligible Missouri residents.