Bill > HB708

This bill authorizes local taxing entities (counties or cities) to establish a program that provides a prorated property tax credit for taxpayers who have a "totaled motor vehicle" during a tax year. A totaled motor vehicle is defined as a vehicle that is deemed a total loss by an insurance company due to severe damage, where repair costs exceed the vehicle's actual cash value. Under this program, taxpayers can receive a tax credit that reduces their personal property tax liability on a totaled vehicle, calculated on a monthly basis from the date the vehicle is considered totaled through the end of the tax year. To be eligible, taxpayers must have owned the vehicle as of January 1st, be current on all taxes and fees, and have transferred the vehicle's title to an insurance company. The bill requires taxing entities to create an ordinance establishing program details, including application procedures, documentation requirements, and verification processes. The tax credit is nonrefundable but can reduce a taxpayer's liability to zero, and if the taxpayer purchases a replacement vehicle in the same year, that vehicle will not offset the tax credit. The program aims to provide financial relief to taxpayers who lose a vehicle to total loss during a tax year.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB708&year=2025&code=R