Bill > HB45

This bill modifies the "circuit breaker" tax credit, which provides property tax relief for qualifying low-income seniors, disabled individuals, and certain veterans in Missouri. The bill increases the income exemption amounts and adjusts the maximum upper limits for tax credit calculations. For calendar years up to 2025, the income exemption will be $2,000, and for years from 2026 onward, it will increase to $5,000. The maximum upper limit will also increase, rising from $27,500 to $30,000 for most claimants before 2026, and then to $32,500 afterward. For homesteads owned and occupied for the entire year, the maximum upper limit will increase from $30,000 to $40,000 starting in 2026. The bill also modifies the credit calculation method, changing the income increment levels from $300 to $495 and adjusting the accumulative percentage calculation. Additionally, the bill requires the Department of Revenue to proactively identify and notify potential eligible claimants who have not yet applied for the tax credit. These changes aim to provide more substantial tax relief for seniors, disabled individuals, and veterans with lower incomes.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB45&year=2025&code=R