Bill > HB518

This bill modifies the "circuit breaker" tax credit program, which provides property tax relief for eligible low-income seniors, disabled individuals, and veterans. The key changes include increasing the maximum upper income limit and property tax credit amounts in two phases. For calendar years ending on or before December 31, 2025, the maximum upper limit remains at $27,500 (or $30,000 for those owning and occupying their homestead for the entire year). Starting January 1, 2026, these limits will increase to $38,200 and $42,200 respectively. The bill also adjusts the income exemption amounts, raising them from $2,000 to $2,800, and from $4,000 to $5,800 for couples. The property tax credit calculation will change, with the maximum credit increasing from $1,100 to $1,550 in actual property taxes or rent equivalent. Additionally, beginning in January 2027, the maximum upper limits will be annually adjusted for inflation based on the Consumer Price Index for All Urban Consumers for the Midwest Region. The bill aims to provide more substantial tax relief for low-income homeowners and renters, particularly seniors and disabled individuals.

https://house.mo.gov/Bill.aspx?bill=HB518&year=2025&code=R