Bill > HB1566

This bill modifies the Senior Citizens Property Tax Relief Credit by updating several key provisions related to income limits, property tax credit calculations, and eligibility requirements. The bill makes changes that are phased in over time, with specific modifications starting from January 1, 2026. For calendar years ending on or before December 31, 2025, the existing income exemption is two thousand dollars, which increases to two thousand eight hundred dollars for subsequent years. The maximum property tax credit amount will increase from seven hundred fifty dollars for rent and eleven hundred dollars for property taxes to one thousand fifty-five dollars for rent and one thousand five hundred fifty dollars for property taxes beginning in 2026. The bill also introduces new maximum upper income limits based on filing status, ranging from thirty-eight thousand two hundred dollars for single filers to forty-eight thousand dollars for married couples filing combined returns. Additionally, the bill establishes an annual inflation adjustment mechanism beginning January 1, 2027, which will use the Consumer Price Index for All Urban Consumers for the Midwest Region to automatically update credit amounts. The changes aim to provide more comprehensive tax relief for senior citizens and disabled individuals, with a focus on adjusting the credit to keep pace with economic changes.

https://house.mo.gov/Bill.aspx?bill=HB1566&year=2025&code=R