Bill > SB102

This bill reauthorizes a state income tax deduction for contributions to long-term dignity savings accounts in Missouri through December 31, 2030. The bill allows taxpayers to deduct up to $4,000 for individual filers or $8,000 for married couples filing jointly when they contribute to these specialized savings accounts. Long-term dignity savings accounts are defined elsewhere in Missouri law, and contributions can be fully deducted from the taxpayer's Missouri adjusted gross income for the tax year of the contribution. Income earned within these accounts will be exempt from state income tax, provided the funds are used according to specific legal requirements. If funds are withdrawn and not used for eligible expenses or held for the required minimum time, the distributed amount must be added back to the account holder's taxable income. Taxpayers must file an affidavit with their tax return verifying their contributions, and the Missouri Department of Revenue is tasked with creating rules to implement these provisions. The bill includes a sunset provision that will automatically terminate the program on December 31, 2030, unless the state legislature reauthorizes it.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=71