Bill > HB1535

This bill modifies the "Senior Citizens Property Tax Relief Credit" by updating several key provisions for property tax credits available to seniors, disabled veterans, and other qualifying individuals. The changes include adjusting income exemption amounts, raising the maximum credit limits, and implementing annual inflation adjustments beginning in 2027. Specifically, for calendar years ending on or before 2025, the bill maintains existing credit structures, but for years starting January 1, 2026, it introduces new income exemption amounts (reducing from $4,000 to $2,800 for spouses), increases the maximum property tax credit from $1,100 to $1,550, and creates different maximum upper limit amounts based on filing status (ranging from $38,200 to $48,000). The bill also modifies how credits are calculated, changing income increment levels and the percentage calculation method. Additionally, the legislation requires the Department of Revenue to annually adjust credit totals for inflation using the Consumer Price Index for All Urban Consumers for the Midwest Region, and mandates that the department proactively identify and notify potentially eligible taxpayers who have not yet applied for the credit.

https://house.mo.gov/Bill.aspx?bill=HB1535&year=2025&code=R