Bill > HB1196

This bill modifies the Senior Citizen Property Tax Relief Credit (also known as the "circuit breaker" tax credit) by expanding eligibility and increasing financial benefits for qualifying seniors and disabled individuals. The key changes include lowering the age requirement to allow individuals as young as thirty years old to potentially claim the credit starting in 2026, increasing the income exemption amounts (for example, raising the spouse exemption from $2,000 to $2,800), and significantly raising the maximum property tax credit limits. Specifically, the maximum property tax credit will increase from $1,100 to $1,550, and the maximum upper income limit will rise from $30,000 to $38,200 (or $42,200 for homeowners who occupy their property for the entire year). The bill also introduces an annual inflation adjustment mechanism beginning in 2027, which will automatically increase credit and income limits based on changes in state income tax brackets. Notably, the legislation maintains existing provisions for disabled veterans and individuals, and continues to allow credits for property taxes and rent, ensuring that seniors and disabled individuals can receive financial relief for housing expenses.

https://house.mo.gov/Bill.aspx?bill=HB1196&year=2025&code=R